Where India stands among Asian economies in manufacturing growth
- India may allow only commercial coal mining in the future
- Porsche to launch electric car in India in early 2020
- ONGC Videsh drops plan to build LNG export facility in Iran
- Fans gather outside Sridevi house in Lokhandwala, body to arrive tonight
- Govt ropes in IIFT, ICAI to improve ease of doing business ranking
Chart 1 shows that India stands in the middle of the Asian pack in the manufacturing Purchasing Managers’ Index (PMI) league tables for May. Note that China’s reading is below 50, which means the manufacturing sector has contracted from the previous month. Several other Asian economies also show a contraction in manufacturing.
Chart 2 shows that the Nikkei India Manufacturing PMI is at a three-month low and so is the New Orders Index. That suggests a recovery from the demonetization-induced slump in manufacturing is taking time and is unlikely to be V-shaped.