India Industrial Production Surges

India industrial production surged more-than-expected in April, mainly due to the low base effect as the economy was under a harsh lockdown in the same month last year to control the coronavirus pandemic.

The industrial production index grew 134.4 percent year-on-year, official data showed Friday, which was faster than the 120 percent jump economists had expected. In March, output rose 24.1 percent.

Results of the latest Purchasing Managers' survey showed this week that India's manufacturing sector expanded at a softer pace in May, due to the intensification of the second wave of the Covid-19 infections and its impact on demand.

The headline IHS Markit manufacturing Purchasing Managers' Index, or PMI, fell to 50.8 in May from 55.5 in April.

Growth in new orders and output slowed, and employment decreased.

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