NEW DELHI (Xinhua) – India’s factory activity witnessed a record low in April amid countrywide lockdown in wake of the COVID-19 pandemic, a monthly survey showed yesterday.
The India Nikkei Manufacturing Purchasing Managers’ Index (PMI), compiled by IHS Markit, plunged to 27.4 last month from March’s 51.8, by far its lowest since the survey began in March 2005.
The latest reading pointed to the sharpest deterioration in business conditions across the sector amid national lockdown to fight the spread of the COVID-19.
“Output contracted at a record pace and firms reduced their staff numbers at the quickest rate on record. Meantime, new orders fell for the first time in two-and-a-half years and the sharpest pace in the survey’s history,” the survey said.