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Nov PMI a silver lining in macro data

DNMUM427567 | 12/7/2018 | Author : Edit | WC :225

DNA Money Edit

There’s a thick silver lining in the macro data that is buoying sentiments. It’s the Nikkei India Manufacturing Purchasing Managers’ Index (PMI). This crucial indicator of the manufacturing sector’s health rose to an 11-month high of 54 in November from 53.1 in October. This data has given confidence to the Reserve Bank of India, which has used it in its commentary to convey that a slow turnaround was taking place in manufacturing. It’s heartening to see that the high PMI for manufacturing is supported by an expansion in output and domestic and export orders.
This bright spot in the data, though, gets slightly clouded by the slowdown in the index of industrial production (IIP) to 4.5% in September. What’s salvaging it is the capacity u
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