The India Manufacturing Purchasing Manager's Index (PMI) compiled by IHS Markit, edged up to 47.2 in June, compared with 30.8 in May on a seasonally adjusted basis. India's manufacturing sector moved towards stabilisation in June with both output and new orders contracting at much softer rates than seen in April. India's manufacturing PMI in June is higher than May's reading but it is the 3rd month in a row that India's manufacturing PMI has been lower than 50. PMI less than 50 indicated contraction in business activity.
Latest PMI data pointed to deterioration in business conditions faced by Indian goods producers during June. The downturn was primarily driven by sharp contractions in both output and new orders, with regional lockdown extensions severely hampering demand conditions. Even though June saw some relaxations across the country, the restrictions during lockdown had constrained production capacity and there was a decline in new business too.
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