Thursday, February 25, 2021
Home Economy and Finance Thanks to 'Make in India', India's manufacturing expands to hit 14-month high amidst slump...

Thanks to ‘Make in India’, India’s manufacturing expands to hit 14-month high amidst slump in Asia: Nikkei Asian Review

Most other Asian nations recorded lower PMI numbers in February as they continued to be affected by the US-China trade tensions as well as the global technology slump, says the report.

Despite major emerging economies in the region recording a slump in their manufacturing activity, India has emerged as an exception, as the manufacturing activity is expanding at the fastest rate in 14 months, reports Nikkei Asian Review.

The latest data comes from the Nikkei Purchasing Managers’ Index (PMI) survey of this month, which is conducted on a monthly basis. The monthly Nikkei PMI survey collects the data from companies in major Asian countries except for China regarding changes in output, orders and other business conditions relative to last month. Of the 15 data sets analysed in the PMI for February, nine countries saw a drop compared to the previous month while only six rose, with manufacturing seeing a specifically widespread decline.

India has been a notable exception as the manufacturing PMI rose to 54.3 from January’s 53.9, its highest level since December 2017. A PMI reading below 50 indicates a slowdown in manufacturing activities, while over 50 points to expansion.

The Nikkei Asian Review report says that the Indian manufacturing industry is mainly comprised of chemicals, machinery, metals, and textiles. The increasing growth in the manufacturing sector is attributed to Prime Minister Narendra Modi’s ‘Make in India’ initiative, which seeks to transform manufacturing in the country.

In February, 21% of the companies surveyed signaled an increase in new orders. Reportedly, automobile giants Mahindra & Mahindra has sold 52,915 cars in the domestic market during the month, an increase in 9% sales compared to last year. “A number of panelists indicated the acceptance of bulk orders from clients in key export destinations,” the survey also noted.

According to Shilan Shah, an economist at Capital Economics, prospects for Indian manufacturers remain bright over the near term. He further added that the Modi government has unveiled policies to the benefit of small and medium-sized enterprises ahead of the general election that is due by May.

On the other hand, most other Asian nations recorded lower PMI numbers in February as they continued to be affected by the US-China trade tensions as well as the global technology slump. Especially hard hit by the manufacturing slowdown in Asia are Japan and South Korea, which are mainly dependent on exports to China, who is on a trade war with the US.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Workers of Khalsa org and Kejriwal govt discriminated against Hindu victims: An eyewitness account after 1 year of Delhi anti-Hindu riots

The eyewitness claimed that the Khalsa organisation predominantly helped the Muslim victims of the Delhi riots

Gujarat: AIMIM to focus on Godhra while AAP on Saurashtra as Congress continues to fight for relevance during second round of local body polls

Buoyed by the recent performance, AIMIM and AAP are quite confident in round two of Gujarat local body polls

Nathuram Godse’s devotee Hindu Mahasabha leader Babulal Chaurasia joins Congress in presence of Kamal Nath

Chaurasia had rebelled from Congress before the last municipal elections after being denied a ticket. He had then joined Hindu Mahasabha and had defeated the Congress candidate in Ward No 44 of Gwalior.

Adani Pavilion and Reliance Pavilion at Narendra Modi Stadium: All you want to know about naming stadiums and pavilions

The stadium was named after PM Modi as he was a former president of GCA, and Reliance & Adan won bids to sponsor two pavilions

Rahul Gandhi spreads fake news about train ticket fares being doubled: Here is the truth

Sources in Indian Railways said that do discourage crowding at passenger trains, their fares have been slightly increased

Now private sector banks can conduct government transactions, union government lifts embargo

Private sector banks will be able to conduct govt-related transactions such as taxes, pension, small savings schemes etc

Recently Popular

US President Joe Biden casually drops the N-word during Munich Security Conference, accused of racism on social media

The N-word is considered as one of the hateful words that were first uttered in the 17th century. Its origin can be traced back to the Spanish word 'negro', which is often used by white supremacists to deliberately offend the African-American community.

Karnataka: Journalist gets death threats from actor Dhruv Sarja’s fans for exposing anti-Brahmin hate shown in ‘Pogaru’ movie

Journalist Chiru Bhat had exposed the anti-Brahmin hatred shown in Dhruv Sarja's new Kannada movie 'Pogaru'.

After 450 buildings, projects being named after Nehru-Gandhi dynasty, ‘liberals’ outrage about stadium named after PM Modi

Congress workers getting triggered over Narendra Modi stadium is amusing considering there are at least 450 projects, structures, roads, colleges, universities named after the Nehru-Gandhi dynasty.

‘Give my regards to your puppet master’, Elon Musk tells Jeff Bezos owned Washington Post when they asked him about his busy schedule

Washington Post had published a report claiming the busy schedule of Elon Musk is affecting his electric car company Tesla

Narendra Modi cricket stadium in Sardar Patel Sports Enclave at Motera: All you need to know about world’s largest cricket stadium

It is important to note that the name of Sardar Patel has not been removed. However, his name has been elevated to mark the entire sports enclave that includes various other sporting facilities.

Naushad’s video of spitting on Tandoori Roti might be just the tip of the iceberg, several similar videos emerge on social media

UP Police is investigation to see if Naushad was an alone in spitting on Rotis he was making or there is a nexus indulged in such activities
- Advertisement -

 

Connect with us

253,132FansLike
519,881FollowersFollow
23,700SubscribersSubscribe