Activities in the country's manufacturing sector slowed down again in November

Menu.PMI in November at 56.30 which was 58.90 in October

Companies continue to cut employment for the eighth consecutive month

India's manufacturing activity slowed in November compared to October. Not only that, but the cuts in manpower by companies continued for the eighth consecutive month in November. The manufacturing sector's Nikkei Purchasing Managers' Index (PMI) for November stood at 56.30 as against 58.90 in October.

India, Asia's third-largest economy, had a negative growth rate of 7.50% in the September quarter. However, the rate was negative at 23.90% in the June quarter. Since then there has been an improvement in manufacturing sector activity.

The sub-index, which tracks overall demand and output, showed strong growth, but the growth rate was weak for three months in November.

The November figure is lower than October's, but overall, the manufacturing PMI above 4 indicates a good position. Levels above 30 are called area extensions.

The report said the reason for the impact on production in November was the increase in corona cases in some states and the uncertainty surrounding it. The increase in business confidence has also been limited due to uncertainty. Restrictions have been placed on mobility in some states where corona cases are on the rise again.

Corona's economic impact has led to millions of people in the country losing their jobs or suffering wage cuts. The rise in raw material costs since August has forced companies to raise prices of products, the highest in six months.