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GST impact: Factory activity slumps to lowest level in nine years

It was the first time PMI dropped below the 50 mark that separates growth from contraction

Reuters  |  New Delhi/Bengaluru 

India's factory activity slumped to its lowest level in more than nine years in July, a private survey showed on Tuesday, dragged down by disruptions to business activity following the launch of a new national sales tax. The Nikkei/IHS Markit Manufacturing Purchasing Managers' Index (PMI) unexpectedly fell to 47.9 in July from 50.9 a month earlier. It was the first time the reading has dropped below the 50 mark that separates growth from contraction since December and was its lowest reading since February 2009. Analysts polled by Reuters had expected only a marginal ...

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First Published: Tue, August 01 2017. 18:11 IST
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