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Manufacturing PMI for September remains unchanged at 51.2

LiveMint logoLiveMint 03-10-2017 Livemint

New Delhi: India’s manufacturing purchasing managers’ index (PMI) for September remained unchanged at 51.2, indicating a modest improvement in manufacturing sector business conditions, Nikkei IHS Markit survey said on Tuesday.

September saw sustained expansion in the Indian manufacturing sector, supported by increases in both output and new orders, noted the survey. However, the rates of expansion eased slightly in both cases, it added.

A reading above 50 indicates economic expansion, while one below 50 points means contraction.

“September data painted an encouraging picture as the sector continued to recover from the disruptions caused by the introduction of the GST in July,” said Aashna Dodhia, economist at IHS Markit. “The lingering effects of recent economic shocks continue to cast a shadow on economic growth as IHS Markit downgrades its real GDP growth forecast to 6.8% for fiscal year 2017/18.”

“It will be interesting to see if India’s new economic advisory council will bolster its path to recovery,” said Dodhia in the report.

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