In the first month of 2020, January, there has been an improvement in the activities of the manufacturing sector in the country. According to the monthly survey IHS Market, the Manufacturing PMI Index (Manufacturing PMI) stood at 55.3 points in January.
January has seen an improvement in the activities of the manufacturing sector in the country
This figure is the highest level in the period 2012 to 2020. That is, it has reached an eight-year high.
This figure was in December
In the previous month i.e. December, it was 52.7 points. The figure was 53.9 points in the year-ago period. The manufacturing PMI has been above 50 marks for the 30th consecutive month. It may be noted that PMI above 50 marks indicates an expansion in activities. At the same time, staying below 50 points shows the pressure trend.
Principal Economist of IHS Market gave a statement
In this context, Paulina de Lima, Principal Economist, IHS Market, said, ‘The manufacturing sector in India has continued to grow strongly in January. There has been a good increase in production in the last eight years.
Good news for the economy
Improving manufacturing PMI is good news for the economy. The growth in the July-September quarter was the slowest in six years. The PMI has reached a high level due to improvement in demand. This has led to an increase in new orders, production, exports and purchases for manufacturing. Along with this, there was also an increase in employment.
Hence the increase
The strength seen in getting new orders was not seen in the last five years. This figure has increased due to increased demand. Explain that increased demand from foreign markets has an important role in sales. This is the fastest increase in new orders for exports after November 2018.
Finance Minister Nirmala Sitharaman said that the number of exceptions in the income tax system has increased to 127-128. In such a situation, an employee will do the job or see where to invest to save tax. Therefore, there has been a system to reduce the income tax by reducing the exemption.
