Mfg contracts for first time in 11 months: PMI survey

Activity in the country’s manufacturing sector contracted for the first time in 11 months in June as the localised lockdowns against the backdrop of the second wave of Covid-19 hurt demand, a survey showed on Thursday. Registering 48.1 in June, below May’s 50.8, the IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) was below the critical no-change mark of 50 for the first time since July 2020.

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