India's economy showing signs of improvement, braving the impact of the COVID-19: Assocham
New Delhi: India's economy has shown a remarkable resilience in the last few months, braving the impact of the coronavirus pandemic with lead indicators such as manufacturing PMI and exports returning to growth trajectory, Assocham said on Thursday. The chamber's Assessment on State of Economy (AASE) report pointed towards a further pick up in the coming months. "Be it India's Purchasing Managers' Index (PMI - Manufacturing) or PMI for Services, robust recovery is visible.
The PMI for Manufacturing expanded to 56.8 in September 2020, the highest since January 2012. The PMI for Services expanded for the fifth straight month in September to 49.8 from 41.8 in August," AASE noted. In other words, according to the outlook measured by the best-tracked global gauge, about 57 per cent of purchase managers for manufacturing and about 50 per cent for services expect the two vital pillars of the economy to expand, the assessment found. "As a nation, we are giving a solid fight to COVID-19 pandemic.