A tentative recovery

Data suggests that the economy is bottoming out

A series of data releases from the government over recent days provides a clearer picture of how the Indian economy is recovering from the Covid-19 pandemic and the stringent nationwide lockdown that was announced in late March. The Markit manufacturing PMI provided some clear indications of hope in particular. The indicator rose to 47.2 in June, up from 30.8 in May and 27.4 in April. To be clear, this does not indicate that expansion is on the cards yet — anything under 50 is still contractionary. But it does suggest that more of those surveyed are expecting a recovery soon