India Manufacturing Purchasing Manufacturing Index Sees Mild Rise On Month

India's manufacturing activity contracted sharply in May following a record drop in April following the lockdown to control the coronavirus pandemic but saw a month on month increase. The Nikkei Manufacturing Purchasing Managers' Index or PMI compiled by IHS Markit edged up to 30.8 in May from April's record low of 27.4. The current level is far below the 50-mark separating growth from contraction. The survey noted that sub-indexes for new orders and output remained firmly in contraction territory while both input and output prices dropped for a second straight month.

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