India's factory activity grows for first time in five months in August

India’s factory activity grew in August for the first time in five months as the easing of lockdown restrictions spurred a rebound in domestic demand, a private business survey showed on Tuesday, though firms continued to cut jobs.

But the bounce is unlikely to signal a quick turnaround in the Indian economy, which contracted at its steepest pace on record of 23.9 per cent annually last quarter. It was expected to remain in recession this year, a Reuters poll showed on Friday.

The Nikkei Manufacturing Purchasing Managers’ Index, compiled by IHS Markit, rose to 52.0 in August from 46.0 in July, above