New Delhi: Due to the sluggishness in the country, the industry, businesses are distressed. There is a tremendous decline in growth rate of companies. All the surveys are also doing this trend. There has been a report related to the manufacturing sector. According to this monthly survey report, the PMI of the manufacturing sector has fallen to a 15-month low in August.
This decrease in PMI has been observed due to slow growth in sales, production and employment. PMI stands for Purchasing Managers Index. IHS Market's India Manufacturing Purchasing Managers' index fell to 51.4 in August. It was 52.5 in the month of July. This is the lowest level since May 2018 in the PMI of the manufacturing sector.
An index exceeding 50 indicates expansion and if the index is below 50, it indicates a contraction. Talking about manufacturing PMI, this is the 25th consecutive month when the PMI of this sector has been more than 50. IHS Markit Principal Economist Paulina de Lima said, "India's manufacturing sector has seen sluggish economic growth and high cost inflation pressures in the month of August. Most PMI indices, including new work orders, production and employment indices There was a weakness trend. The manufacturing industry is losing out due to lack of demand.
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