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Factory orders, production rise at slowest rates in 8 months: IHS Markit ANI | Updated: May 03, 2021 11:44 IST
New Delhi [India], May 3 (ANI): Economic conditions in India s manufacturing sector remained favourable in April as companies scaled up production in line with a further improvement in demand, according to the latest IHS Markit Manufacturing PMI released on Monday.
While output and sales increased at the slowest rates since last August due to an intensification of the Covid-19 crisis, there was a faster upturn in international orders.
Moreover, quantities of purchases expanded at one of the strongest rates seen for over nine years as firms sought to boost their inventories.
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However, since then, cases have surged unabated with several states now imposing fresh curbs and restrictions on business activity and mobility. But, perhaps, the key reason for the slump in markets is due to the worsening situation in Maharashtra.
Maharashtra, responsible for 14.5 per cent of the nation s GDP, and home to India s financial capital, Mumbai, is largely fuelling the COVID-19 surge witnessed across the nation. The last 24-hour period saw the state record over 63,000 new cases – the largest single-day spike since the onset of the pandemic. Having already instituted a number of containment measures, state authorities are now, reportedly, considering implementing a full lockdown – something that has investors on tenterhooks.
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