October 2, 2020
1 min read

Manufacturing Up, Payrolls Down In September

Higher demand accelerated India’s manufacturing sector growth in September.

Additionally, the IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) report released on Thursday cited a renewed expansion in export sales and input stocks as well as an improvement in business confidence during September. Even with an increase in manufacturing, the producers continue to cut down the payrolls, according to the report.

Consequently, reading of the headline seasonally adjusted IHS Markit India Manufacturing PMI showed a rise from 52 in August to 56.8 in September. The latest reading was the highest in over eight-and-a-half years.

“Amid reports of loosened coronavirus disease 2019 (Covid- 19) restrictions and higher demand, Indian manufacturers lifted output for the second straight month in September,” the report said.

“The increase was sharp and the third-quickest in the history of the survey. Similarly, there were back-to-back increases in new business inflows.” As per the report, the upturn in total sales was supported by a renewed expansion in new export orders, the first since prior to the escalation of the Covid-19 outbreak.

However, despite strong growth of order book volumes, the report pointed out those Indian goods producers signalled another reduction in payroll numbers. “In many cases, this was attributed to efforts to observe social distancing guidelines. Employment has now decreased for six consecutive months,” it said.

Also Read: September becomes India’s worst pandemic month

Also Read: India extends Int’l flight ban till Oct 31

Previous Story

Asian Lite Weekend – EU Takes Legal Action Against UK Over Brexit Breach

Next Story

Shafali, Smriti and Jemimah retains T20 top rankings

Latest from Business

SBI Simplifying KYC Process

SBI’s research arm noted that the RBI’s decision to maintain the policy rate reflects a balanced approach amid global uncertainties, supported by stable liquidity and external conditions State Bank of India (SBI)

UPI Powers Digital Revolution

New innovations such as LiteX (offline payments), tap-and-pay, credit card integration, UPI Autopay, and UPI for IPO subscriptions are pushing the platform from a payment tool to a full-fledged embedded finance ecosystem Unified

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand
Go toTop