India's manufacturing activity declined in May compared to April but indicated improvement in business conditions, data released by analytics firm IHS Markit showed on Tuesday.
The seasonally adjusted Purchasing Managers’ Index (PMI) for manufacturing stood at 50.8 in May, down from 55.5 in April and moving closer to the no-change mark of 50.0. A figure above 50 indicates expansion, while a sub-50 one signals contraction.
Another set of important data released by the government on Monday showed India’s economy expanded faster than expected in the previous quarter before a resurgent coronavirus pandemic unleashed a new wave of challenges.
Gross domestic product (GDP) rose 1.6 per cent from a year earlier in the three months ended March, the Ministry of Statistics and Programme Implementation said on Monday. That was faster than the 1 per cent median estimate in a Bloomberg survey of economists.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU