The activities of India’s manufacturing sector showed a marked improvement in stability in June. However, business conditions were further weakened in many states by increasing the lockdown at the regional level. The latest survey by IHS Markit states this. The IHS Market India Manufacturing Purchasing Managers’ Index (PMI) stood at 47.2 in June, up from 30.8 in May. Despite significant improvement compared to May, the manufacturing sector of the country witnessed a contraction for the third consecutive month. It is noteworthy that the manufacturing PMI saw a contraction in April after an increase of 32 months in a row.
In terms of PMI, the increase of more than 50 figures while the figure below shows the contraction. Economist Elliott Kerr at IHS Markit said, India’s manufacturing sector moved towards stability in June due to contraction in both production and new orders compared to April and May.
Kerr said that demand has remained weak due to the recent recorded increase in coronavirus cases and due to the increased lockdown. Due to weak demand situation, the process of layoffs continued in June. According to the survey, there was a decrease in production and new orders in the country even in June, but its pace was slow compared to April and May. For the fourth consecutive month, there was a decrease in orders related to exports.
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