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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Nagaland bypoll: Nearly 20 pc voter turnout recorded in Koridang seat in first two hours
Kohima (PTI): Nearly 20 per cent of 22,382 electors exercised their franchise in Nagaland's Koridang Assembly bypoll in the first two hours of polling on Thursday, officials said.
The voting that commenced at 7 am across all 30 polling stations has so far been peaceful, they said.
The polling will continue till 4 pm.
Security has been significantly tightened across the constituency following violence on April 5 and 6, in which one person died, and several vehicles were damaged.
The byelection was necessitated by the demise of sitting BJP MLA Imkong L. Imchen in November last year.
A total of 22,382 electors, including 11,071 women, are eligible to decide the fate of six candidates in the fray.
The ruling People’s Democratic Alliance (PDA) has fielded BJP nominee Daochier I. Imchen, while the Congress candidate is T. Chalukumba Ao. The National People’s Party (NPP) has nominated I. Abenjang, while the Independent candidates are Imchatoba Imchen, Imtiwapang, and Toshikaba.
Of the 30 polling stations, 13 have been categorised as vulnerable and 17 as critical, prompting deployment of additional security personnel and intensified surveillance measures. Two polling stations have been designated as all-women booths.
Counting of votes is scheduled for May 4.
