India Nikkei/Markit July mftg PMI now out 1 Aug
- 50.9 prev
- deepest contraction in over 9 years
- lowest reading since Feb 2009
- output sub-index down to 46.3, lowest since early 2009
Soggy data, first contraction since Dec, and now below the all important 50 level.
Confusion over GST introduction on 1 July cited with PM Modi's new tax policy severely hurting output and demand.
What do our readers in India make of it all? Surprised? Only to be expected? A glitch or start of stronger contraction?
USDINR 64.11
