India's manufacturing activity slipped in May as the second wave of coronavirus pandemic and lockdowns imposed by states hit industrial activity, with manufacturing PMI falling to 50.8.
Manufacturing Purchasing Managers' Index (PMI) stood at 55.5 in April, as per data released by IHS Markit on Tuesday. A reading above 50 indicates expansion, while a figure below 50 shows contraction.
"Although the health of the Indian manufacturing sector continued to improve in May, the latest results showed a significant loss of growth momentum. Due to the intensification of the COVID-19 crisis and its detrimental impact on demand, companies observed the slowest rises in new work and output for ten months," IHS Markit said.
(More details to follow)