India’s manufacturing Purchasing Managers’ Index (PMI) shot up in December to a joint fastest rate in ten months at 52.7, providing further evidence that the Indian economy may have bottomed out. India’s GDP growth decelerated to a six-and-a-half-year low of 4.5% in the September quarter amid slowing domestic and external demand. “Following a subdued start to the third quarter of fiscal year 2019/20, the Indian manufacturing industry took a significant step forward during December. At the sub-sector level, growth was led by consumer goods, though intermediate goods also made a stronger contribution to the headline figure. Pollyanna de Lima, principal economist at IHS Markit, however, cautioned regarding evidence from the survey's measure of business confidence.

Source: Mint January 02, 2020 06:00 UTC