India’s Manufacturing PMI Remains Expansionary in March, IHS Markit Says
India’s manufacturing purchasing managers index stayed in expansionary territory in March, although the improvement in business conditions was the slowest in four months, IHS Markit said Thursday.
The manufacturing PMI stood at 51.8 in March, above the 50.0 threshold that separates expansion from contraction, compared with 54.5 in February, the data showed. While a slowdown in production growth weighed on the latest reading, the expansion extended a run that started in August 2017 and was solid overall, IHS Markit said.
“The Indian manufacturing sector remained relatively sheltered from the negative impact of the global coronavirus outbreak in March, however, there were pockets of disruption and a clear onset of fear amongst firms,” IHS Markit economist Eliot Kerr said.
Contributing to the downward momentum in March was a record drop in new export orders, as overseas demand faltered amid the coronavirus pandemic. The virus also hurt the supply side, with longer delivery times for the first time in five months, IHS Markit said.
Manufacturers’ confidence in the business outlook sank to a record low, the data showed.
Source: Dow Jones