New Delhi, June 1
India’s manufacturing sector activity witnessed a significant loss of growth momentum in May due to the intensification of the Covid crisis and its detrimental impact on demand, a monthly survey said on Tuesday.
The IHS Markit India Manufacturing Purchasing Managers’ Index fell to 50.8 in May, down from 55.5 in April, as companies observed the slowest rises in new work and output in 10 months amid the Covid crisis.
“The Indian manufacturing sector is showing increasing signs of strain as the Covid crisis intensifies. Key gauges of current sales, production and input buying weakened noticeably in May and pointed to the slowest rates of increase in ten months. In fact, all indices were down from April,” said Pollyanna De Lima, Economics Associate Director at IHS Markit. — PTI