🇮🇳's Manufacturing📉 lowest in 2⃣ years❗

  |   India News

After over 2⃣ years, manufacturing sector output dipped📉 in Dec as new orders fell sharply, due to the floods🌊 in Chennai🌇 which hit hard on 🇮🇳's production. Even worse, the monthly PMI 📊(Purchasing Managers' Index) report showed the rate of contraction was sharpest in almost seven years since 2008’s crash💥. Chennai’s incessant rainfall☔ in Dec forced leading companies to scale back output at a drastic pace since Feb 2009 as well as a contraction in incoming new work since Oct 2013, are suspected to have played a part in the low🔻 production. Pollyanna De Lima, economist at Markit and author✍ of the report said, "The continued depreciation🔻 of the rupee against the US dollar💲 pushed inflation higher, with PMI price indicators pointing to stronger increases in both input prices and output charges.” China’s🇨🇳 manufacturing decline may also worsen the situation for 🇮🇳, pressuring the RBI to keep rates low.

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