The India Manufacturing Purchasing Managers' Index (PMI) compiled by IHS Markit, tanked to 27.4 in April from 51.8 in March on a seasonally adjusted basis, according to data released on Monday. A reading of less than 50 indicates contraction in business activity. This tumble indicates the sharpest contraction in manufacturing conditions since data collection began over 15 years. Deteriorating demand conditions saw manufacturers drastically cut back staff numbers in April. The reduction in employment was also the steepest in the survey's history. The input costs and output prices expections were lowered markedly as suppliers and manufacturers themselves offered discounts in an attempt to secure orders.
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