India's Manufacturing Sector Sees Heavy Contraction

India's manufacturing sector saw a sharp contraction in May after a slow recovery in April, as the renewed escalation of the (COVID-19) pandemic hurt the sentiments. According to the monthly IHS Markit India Manufacturing Purchasing Managers' Index (PMI) survey released yesterday, manufacturing PMI stood at a ten-month low of 50.8 in May, down from 55.5 in the previous month of April. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

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