Indian manufacturing suffers biggest drop since financial crisis

by:Gewinn     2022-05-27
Pollyanna DeLim, an economist at U.S. financial information company Markit, said that the already sluggish domestic demand was hampered by the southern floods, causing a complete reversal of Indian manufacturing at the end of the year, and even the largest drop since the financial crisis; Look, both input costs and output costs, inflation is the highest it's been in seven months. Germany believes that the continuous depreciation of the rupee against the dollar has pushed up the inflation rate, and expectations of higher dollar interest rates and further increases have increased expectations of currency depreciation and increased pressure on companies to deal with 'dollar-denominated debt and import costs'. In December 2015, the CPI hovered at 3.66-5.4%, which is still within the controllable range so far. Industry chambers of commerce and experts hope that the inflation rate can be controlled within 6% in the new year, which is also the target set by the Reserve Bank of India. . The inflation-based WPI index has been in negative growth in 2015, meaning that real wholesale prices have fallen, but there is no inflation, but deflation. According to the Indian website reported on January 4th, the monthly survey of the Indian economy showed that the Chennai floods caused a sharp decline in output and orders in the Indian manufacturing sector in December, the first contraction in India's manufacturing industry in 25 months and the first contraction in seven years. maximum decline. The monthly composite measure of manufacturing, the Nikkei India Manufacturing PMI, fell to 49.1 in December from 50.3 in November. This is the first time since October 2013 that the PMI indicator has fallen below the 50.0 warning line (a PMI indicator above 50 indicates growth, and a reading below 50 is considered contraction). The survey showed that persistent rains in Chennai in December had a severe impact on the manufacturing sector, with industry leaders seeing their sharpest reductions in output since February 2009 and new order signings falling for the first time since October 2013. Since November 2014, WPI has entered negative growth, reaching -3.8% in October 2015. At the same time, the government lowered its economic growth forecast for this fiscal year to 7-7.5% from the previous 8.1-8.5%.
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