- September 2020 solid fuel imports at 20.07 million Metric Tons (MMT) are finally at a higher level than the 19.88 MMT imported in Sep last year’ and the turnaround in trend continues. Sep 2020 imports are higher than Aug 2020 imports of 17.06 MMT by 17.63%.
- September also saw a show uptick in economic activity with all the high frequency data accelerating quite sharply.
- India’s manufacturing sector activity improved for the second straight month in September and touched an over eight-and-a-half-year high supported by accelerated increases in new orders and production, even as firms reduced staff numbers.
- The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) increased from 52.0 in August to 56.8 in September – highest since January 2012.
- India’s services sector too neared recovery in September, with the purchasing managers’ index (PMI) for services rising to 49.8 from 41.8 in August, according to data analytics firm IHS Markit.
- The survey said even as participants were upbeat about the year-ahead outlook for business activity for the first time since April, there were reductions in new work and employment. “Incoming new business fell moderately, however, and at the slowest rate since March. Input costs meanwhile rose at a quicker pace, while the rate of charge inflation was broadly similar to August,” it added.
- Economic activity in India has returned almost to pre-Covid levels, suggests an index that tracks the economy’s recovery from the pandemic’s impact, riding a sharp rise in mobility as the festival season rolled in. The Nomura India Business Resumption Index (NIBRI), a weekly tracker of the pace of normalisation of economic activity, picked up to a post-lockdown high of 82.2 for the week ended October 18 versus 80.8 the previous week. The index is just short of its pre-lockdown reading of 82.9 for the week ended March 22.September also saw a show uptick in economic activity with all the high frequency data accelerating quite sharply.
- Nomura however, cautioned that this could just be a ‘faux recovery’, limited to increased consumption during the festive season. Various indicators such as purchasing managers’ indices, goods and services tax collections, e-way bills, railway freight loading, highway toll collections, power demand and exports are also pointing to an economy on the mend.
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This analysis has been compiled by obtaining data from Iman Resources’ sources.
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