MUMBAI: India’s manufacturing activity continued to contract in May, though at a slower pace than registered in April, indicating the deep impact of the lockdown despite the easing of some curbs last month.
The manufacturing Purchasing Manager’s Index (PMI), released by IHS Markit, was at 30.8 in May, slightly better than 27.4 recorded in April.
A reading above 50 indicates expansion while a figure below denotes contraction. As is evident from the data, manufacturing activity remains way below capacity.
Modest improvements were seen in supplier delivery times and new orders but exports languished. Much of the economy continues to operate below par and normalisation in business activity is likely only in the second half of the fiscal. "Thi