India's August manufacturing output eases on lower demand: PMI
Mumbai, Sep 3 : A slower rise in demand further eased the pace of India's manufacturing sector output in August, as the economy continued to face headwinds, key economic data showed on Monday.
According to the Nikkei India Manufacturing Purchasing Managers' Index (PMI), the composite indicator of manufacturing performance declined to a three-month low of 51.7, from 52.3 in July and 53.1 in June.
An index reading of above 50 indicates an overall increase in economic activity, or growth, and below 50 an overall decrease.
Commenting on the Indian manufacturing PMI survey data, Aashna Dodhia, Economist at IHS Markit and author of the report, said: "Indian manufacturers retained positive projections for output over the next 12 months, but the level of sentiment eased in August.
"Indeed, some of the key headwinds facing the economy include high global oil prices, monetary policy tightening and capital outflows from emerging markets."
Although sub-indices tracking output and total orders touched three-month lows last month, foreign demand rose at the quickest pace since February despite global trade tensions.
"PMI data suggested that external demand for Indian goods was also robust, with new export orders rising at the fastest pace since February," Dodhia said.
"Following rises in domestic interest rates, manufacturing companies gained some breathing space as input cost inflation moderated to the weakest since May and further from June's multi-year peak.
"That said, the rupee depreciation against the US dollar continued to place strong upward pressures on input prices," she added.
The Indian rupee reversed all the gains made earlier on Monday to close at an all-time low of 71.21 per dollar, tracking a weak trend among its global peers amid concerns of a wider trade deficit for the country.
An upswing in manufacturing activity and revival of private investment, supported by strong consumer demand, accelerated India's GDP growth rate in the first quarter (April-June) to 8.2 per cent, official data showed last week.
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Mangaluru: Bajpe police arrests young man for alleged derogatory posts against police
Bajpe: Police have arrested a youth for allegedly posting derogatory and defamatory content against the Bajpe police on social media.
The arrested accused has been identified as Abhishek M. (23), a resident of Katipalla, Surathkal.
According to the police, Abhishek posted a photograph of Bajpe Nisarga Hotel on his Instagram account mr_a_titude_22, alleging that accused persons in a murder case under the jurisdiction of the Bajpe police station were being treated “like royalty” by the police and were being served beef meals from the hotel every day. In his post, he further accused the police of colluding with criminals and misusing their authority, stating that public trust in the police was being betrayed.
Following which, the Bajpe police registered a case and arrested the accused.
Police records reveal that Abhishek is already facing multiple criminal cases. A case of murder, attempt to murder, assault and robbery has been registered against him at the Surathkal police station. At the same time, a robbery case has also been registered at the Kaup police station.
After his arrest, Abhishek was handed over to the custody of the CEN police for further investigation. He was later produced before a court, police said.
