India's manufacturing sector grew at its weakest pace in seven months in March on renewed lockdowns to curtail a resurgence in COVID-19 cases. The Nikkei Manufacturing Purchasing Managers' Index or PMI, compiled by IHS Markit, dropped to a seven-month low of 55.4 last month from February's 57.5, but remained above the 50-level separating growth from contraction for an eighth straight month. The foreign orders grew at a faster pace in March, but a sub-index tracking overall demand declined to its lowest since August 2020. Output also grew at its weakest pace in seven months.
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