Due to relaxation in the lockdown, India’s factory activity expanded at its fastest pace over eight years in the month of September. In spite of layoffs, the relaxation has boosted demand and output, a survey reported. This sign of economic recovery is a welcoming news for Asia’s third-largest economy. Since 1979, this year is expected to mark its first full-year contraction. India is one of the worst affected nations in the world and the novel virus is spreading at its fastest pace in the world.

The Nikkei Manufacturing Purchasing Managers’ Index (PMI), compiled by IHS Markit, has seen a upswing to 56.8 in September which is 52 in August, separating contraction and expansion in two consecutive months. Since January 2012, 56.8 is the highest reading ever. “The Indian manufacturing industry continued to move in the right direction, with PMI data for September highlighting many positives. Due to loosened COVID-19 restrictions, factories went full steam ahead for production, supported by a surge in new work while uncertainty about the COVID-19 pandemic remains, producers can at least for now enjoy the recovery”, Pollyanna De Lima, economics associate director at HIS Markit. The Nikkei manufacturing Purchasing Managers’ Index, PMI is a diffusion index incorporating survey results conducted on manufacturing firms throughout the country. Reading above 50 suggests expansion on manufacturing sector and below 50 suggests the manufacturing sector is in contraction.

Eventhough input prices increases at a slower rate; manufacturers increased the selling price to secure sales. However, millions are made jobless due to corona virus related distortions. The sector doesn’t have much support from RBI and is unlikely to get over the upcoming months as high inflation may force RBI to remain on the sidelines. The policy committee meeting scheduled from Sep 29- Oct 1 has been postponed by RBI and said it would be rescheduled. But no reason was stated. Still Business optimism hit its highest since August 2016 about the coming 12 months.  

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