New Delhi: DEA cited the uptick in manufacturing purchasing managers’ index, auto sales, e-way bills among others to show that the country is witnessing a recovery.
It noted that as countries unlocked in the quarter starting in July, recovery is underway globally.
“India, too, is witnessing a sharp V-shaped recovery. India’s manufacturing purchasing managers’ index (PMI), at 52.2, has moved into expansionary zone in August for the first time since the lockdown, presenting much required recovery prospects for the manufacturing sector,” the 33-page report said.
It added that V-shaped pattern of recovery is seen in the high-frequency indicators including auto sales, tractor sales, fertilizer sales, railway freight traffic, steel consumption and production, cement production, power consumption, e-way bills, GST revenue collection, daily toll collections on highways, retail financial transactions, manufacturing PMI, performance of core industries, capital inflows and exports.
