18.5 C
Delhi
Friday, November 27, 2020

Covid Continues To Dent India’s Factory Output In July: PMI

- Advertisement -

New Delhi: Subdued demand conditions, on back of the Covid-19 pandemic, continued to dent India’s manufacturing sector output in the month of July.

The latest reading of seasonally adjusted IHS Markit India Manufacturing PMI index showed that firms responded by cutting both staff numbers and purchasing activity.

“However, despite the ongoing negative impact of the coronavirus disease (Covid-19), sentiment towards future activity improved for the second month running,” IHS Markit said in the PMI survey statement.

Consequently, the seasonally adjusted PMI reading fell to 46 in July from 47.2 in June, which “pointed to a marked deterioration in business conditions across the Indian manufacturing sector”.

“The downturn was partially driven by a further contraction in output. Although far softer than recorded in April and May, the rate of reduction accelerated from June and was sharp overall. Anecdotal evidence indicated that firms pared back production in line with weaker demand conditions,” the statement said.

READ ALSO:  Indians love telecom plan bundled with OTT media services

“Subdued demand was evidenced by another marked decrease in new orders placed with manufacturers during July. Similar to the trend for output, the pace of decline accelerated from June, but remained slower than at the height of the current crisis.”

As per the statement, weighing on aggregate demand was a further contraction in new export orders at the start of the third quarter.

Besides, the statement cited that survey participants commented that international clients were hesitant to place orders while the duration of the pandemic remained uncertain, but that said, the latest reduction in exports was the softest for four months.

READ ALSO:  Covid 19 to shrink India enterprise software market growth to 3.8% in 2020

Commenting on the latest survey results, Eliot Kerr, Economist at IHS Markit, said: “The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisation seen over the past two months. Anecdotal evidence indicated that firms were struggling to obtain work, with some of their clients remaining in lockdown, suggesting that we won’t see a pick-up in activity until infection rates are quelled and restrictions can be further removed.”

“However, on a more positive note, firms remained optimistic, with confidence towards future activity continuing to strengthen during July.”

(IANS)

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

Premiums on insurance bought during Oct-Mar eligible under LTC scheme

New Delhi, Nov 26 (IANS) Central government employees can claim reimbursement for premiums paid for insurance policies purchased between October 12, 2020 and March...

Sanjay Dutt’s new film ‘Torbaaz’ discusses terrorism with human angle

Mumbai, Nov 26 (IANS) Filmmaker Girish Malik, who directs Sanjay Dutt in his new film Torbaaz, says he wanted to show a story of...

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...

Huge renewable energy plans lie ahead for next decade: PM Modi

New Delhi, Nov 26 (IANS) Prime Minister Narendra Modi on Thursday announced that there are huge renewable energy deployment plans for India for the next decade which...

53% in India willing to switch jobs to avail remote work: Survey

Bengaluru, Nov 26 (IANS) More than half of the office-goers in India are willing to switch jobs if it meant they could work remotely,...

TCS founder, ‘Father’ of Indian IT industry F.C. Kohli no more

Mumbai, Nov 26 (IANS) Fakir Chand Kohli, the founder and the first CEO of Tata Consultancy Services (TCS), passed away on Thursday after reportedly...

Trending Topics In India

Covid 19 India Updates

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

Looking at vaccine manufacture, delivery ecosystem: Harsh Vardhan

New Delhi, Nov 25 (IANS) At a time the world is racing against time to find a safe and effective vaccine against Covid-19, Union...

Apollo Hospitals gearing up to give one million vaccines a day

New Delhi, Nov 25 (IANS) Apollo Hospitals are gearing up to give one million vaccines a day once it is available across India through...

Over 88% Indians know at least one Covid infected person: Survey

New Delhi, Nov 25 (IANS) With over nine million coronavirus cases in India, 88 per cent citizens now have one or more contacts in...

Covid-19 second wave may be a tsunami, warns Thackeray

Mumbai, Nov 22 (IANS) With Covid-19 cases again surging in some parts of the the country, Maharashtra Chief Minister Uddhav Thackeray on Sunday hinted...

Trending News In India

Gear up for India’s first ever OTT awards

By Puja Gupta, (IANS) Fans across the globe now have a chance to engage with OTT entertainment content and stars digitally; they can and...

Sanjay Dutt’s new film ‘Torbaaz’ discusses terrorism with human angle

Mumbai, Nov 26 (IANS) Filmmaker Girish Malik, who directs Sanjay Dutt in his new film Torbaaz, says he wanted to show a story of...

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...

Huge renewable energy plans lie ahead for next decade: PM Modi

New Delhi, Nov 26 (IANS) Prime Minister Narendra Modi on Thursday announced that there are huge renewable energy deployment plans for India for the next decade which...

53% in India willing to switch jobs to avail remote work: Survey

Bengaluru, Nov 26 (IANS) More than half of the office-goers in India are willing to switch jobs if it meant they could work remotely,...

TCS founder, ‘Father’ of Indian IT industry F.C. Kohli no more

Mumbai, Nov 26 (IANS) Fakir Chand Kohli, the founder and the first CEO of Tata Consultancy Services (TCS), passed away on Thursday after reportedly...

Trending Showbiz

Gear up for India’s first ever OTT awards

By Puja Gupta, (IANS) Fans across the globe now have a chance to engage with OTT entertainment content and stars digitally; they can and...

Gear up for India’s first ever OTT awards

By Puja Gupta, (IANS) Fans across the globe now have a chance to engage with OTT entertainment content and stars digitally; they can and...

Malayalam film ‘Jallikattu’ is India’s entry for Oscars 2021

Mumbai, Nov 25 (IANS) The Malayalam film, Jallikattu, has been selected as the official Indian entry in the Best International Feature Film category at...

Kabaddi is a sport, can’t be played well without teamwork: Abhishek Bachchan

Mumbai, Nov 24 (IANS) Abhishek Bachchan, who owns the Kabaddi team Jaipur Pink Panthers, says the upcoming docu-feature, Sons Of The Soil: Jaipur Pink...

Television actor Ashiesh Roy passed away

Mumbai, Nov 24 (IANS) Television actor Ashiesh Roy passed away in Mumbai early on Tuesday. The Sasural Simar Ka actor died of kidney failure...

Arjun Kapoor: Children should never go without adequate food

Mumbai, Nov 23 (IANS) Bollywood actor Arjun Kapoor has opened up about his food start-up venture that has been feeding 1000 children every month....

Trending Sports

1986 World Cup quarter-final: Maradona becomes immortal

New Delhi, Nov 26 (IANS) “I dream of being able to score another goal against the English, with the right hand this time!” said Diego...

1986 World Cup quarter-final: Maradona becomes immortal

New Delhi, Nov 26 (IANS) “I dream of being able to score another goal against the English, with the right hand this time!” said Diego...

Football legend Diego Maradona, 60, dead

Buenos Aires, Nov 25 (IANS) Football legend Diego Maradona has died, aged 60, according to Argentine media reports. He had been discharged from hospital...

New ICC chairman Barclay: Rugby’s loss is cricket’s gain

New Delhi, Nov 25 (IANS): Auckland-based lawyer and sports administrator Greg Barclay was on Wednesday announced as new chairman of the International Cricket Council (ICC)....

Sports Ministry recognises archery body again, after eight years

New Delhi, Nov 25 (IANS): The Archery Association of India (AAI) on Wednesday re-gained recognition from the Sports Ministry nearly eight years after it was...

ICC Awards of the Decade: Kohli in fray for 5; five more Indians in race

Dubai, Nov 25 (IANS) Prolific India batsman Virat Kohli has been nominated in five categories for the first International Cricket Council (ICC) Awards of...

Latest Trending News In India

Sanjay Dutt’s new film ‘Torbaaz’ discusses terrorism with human angle

Mumbai, Nov 26 (IANS) Filmmaker Girish Malik, who directs Sanjay Dutt in his new film Torbaaz, says he wanted to show a story of...

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...

Huge renewable energy plans lie ahead for next decade: PM Modi

New Delhi, Nov 26 (IANS) Prime Minister Narendra Modi on Thursday announced that there are huge renewable energy deployment plans for India for the next decade which...

53% in India willing to switch jobs to avail remote work: Survey

Bengaluru, Nov 26 (IANS) More than half of the office-goers in India are willing to switch jobs if it meant they could work remotely,...