- Dec 2020 solid fuel imports at 24.08 million Metric Tons (MMT) are sustaining pre-pandemic monthly average levels. The imports are higher than the 22.83 MMT imported in Dec last year, and sequentially Dec imports were higher than Nov 2020 imports by 8% at 22.29 MMT.
- Whilst the economy continues to expand it maintained the same momentum of November. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) went up marginally to 56.4 in December as compared to a 56.3 in November, indicating that the manufacturing sector growth remained strong.
- Manufacturers stepped up production and input buying amid efforts to rebuild their inventories. However, one area that failed to improve was employment, with jobs shed once again at the end of 2020. Meanwhile, raw material scarcity at suppliers caused delivery delays and the fastest rise in input costs for over two years, it added.
- A gauge of India’s services sector eased for the second straight month but remained in expansion zone. The India Services Business Activity Index, compiled by IHS Markit, stood at 52.3 in December compared with 53.7 in November, according to a media statement.
- Financial services major Nomura on Monday said its weekly tracker that measures economic normalisation in India, has touched a new high starting January reflecting a further moderation in new cases and also indicated an economic upcycle in 2021.
- Led by an improvement in mobility indices, in sync with the holiday season, the Nomura India Business Resumption Index (NIBRI) picked up to 94.5 for the week ending 3 January from an average of 91.7 December.
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This analysis has been compiled by obtaining data from Iman Resources’ sources.
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