- Nov 2020 solid fuel imports at 22.24 million Metric Tons (MMT) are sustaining pre-pandemic monthly average levels. The imports are higher than the 22.07 MMT imported in Nov last year however, sequentially Nov imports were lower than Oct 2020 imports by 6.36% at 23.76 MMT.
- Whilst the economy continues to expand it lost momentum in November. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) fell from 58.9 in October to a three-month low of 56.3 in November, indicating that the manufacturing sector growth remained strong, despite losing traction.
- The Indian manufacturing sector remained on the right path to recovery, with strong growth of new orders and output sustained during November. Employment, on the other hand, decreased again as companies observed social distancing guidelines. The rate of job shedding was solid and little-changed from October.
- India’s services economy expanded for the second consecutive month in November even after losing some momentum, with a further upturn in new work supporting business activity growth and the first rise in employment for nine months. The purchasing managers’ index (PMI) for services expanded at 53.7 in November even as it fell from 54.1 in October.
- The Nomura India Business Resumption Index has risen to post-lockdown highs in successive weeks, jumping to 89.1 for the week ending 6 December from 81.5 at end-September.
- The process of normalization, however, remains uneven and incomplete, as shown by the Nomura India Normalization Index (NINI) which is a proxy for measuring the extent of normalisation across sectors. While the consumption sector has largely normalised owing to a festive boost in auto sales in recent months, the momentum is flattening for the industry, investment and external sectors, with levels ~10% below the pre-pandemic normal. Services continues to lag considerably behind, owing to its contact intensive nature (40% below pre-pandemic levels).
IMAN Monthly Report November
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This analysis has been compiled by obtaining data from Iman Resources’ sources.
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