The Indian manufacturing industry has suffered a lot due to the lockdown imposed across the country due to the Corona epidemic. According to a private survey report, the Manufacturing Purchasing Managers’ Index (PMI) has fallen from 57.4 to 55.4.
Manufacturing industry
Due to the Corona period, the impact of the lockdown across the country was also seen in the Indian manufacturing industry. Due to the shutdown of factories and supply disruptions for a long time, it has suffered a major loss. According to a survey report, the Manufacturing Purchasing Managers’ Index (PMI) hit a seven-month low in March. It has dropped from 57.4 to 55.4.
According to a private survey report, domestic demand and production declined due to the lockdown imposed for the prevention of COVID-19. In such a situation, many companies also reduced the number of employees. Due to which he suffered a lot of damage. The outbreak of the epidemic is growing again, in the last week, the Government of India advised several states to control the rapid spread of the virus. During this period, strict restrictions on several activities were also suggested. In such a situation, the month of April can be difficult for the factory and the entire manufacturing industry.
According to the survey report, despite the increase in foreign orders at a rapid pace in March, the total demand monitoring sub-index has come down to the lowest level since August 2020, the lowest ever. Output also grew at the weakest pace in seven months, so the signs of its early recovery are low.
According to data from IHS Market, Nikkei’s Manufacturing Purchasing Managers’ index fell to a low of 55.4 months from 57.5 in February last month. However, in the eighth month, it remained high in the growth rate.
According to media reports, Paulina de Lima, IHS Markets’ Associate Director of Economics, says, “Participants in the survey indicated that the increase in the COVID-19 pandemic led to an increase in demand, while increased input purchases led to a reduction in costs.” Has come. ” He also said, “Indian manufacturers may face a challenging phase in April due to the expansion of COVID-19 restrictions and the re-imposition of lockdowns in many states.”
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