India’s manufacturing sector steady despite mounting cases of Covid-19
India’s manufacturing sector remained steady despite mounting cases of Covid-19 amid the second wave.
The IHS Markit India Manufacturing Purchasing Managers’ Index stood at 55.5 in April compared with 55.4 in March 2021, according to a media statement. That’s the eighth straight month of the index remaining in the expansion zone. A reading above 50 indicates economic expansion.
“The PMI results for April showed a further slowdown in rates of growth for new orders and output, both of which eased to eight-month lows amid the intensification of the Covid crisis,” said Pollyanna De Lima, economics associate director at IHS Markit.
Lima noted that “the surge in Covid cases could dampen demand further when firms’ financials are already susceptible to the hurdle of rising global prices”.
The survey, however, noted that while output and sales increased at the slowest rates since last August, there was a faster upturn in international orders.