(RTTNews) - India’s manufacturing sector suffered its first contraction in the survey history during November, a latest report from the Markit Economics showed Monday.

The ABN AMRO Purchasing Managers’ Index or PMI plunged to a record low of 45.8 in November. The indicator fell below the neutral 50.0 mark for the first time in the survey history.

The Markit Economics said, “A significant reversal in the strength of the domestic market was the principal factor underlying the weaker performance of manufacturing, as tighter credit conditions and the onset of the global economic downturn hit confidence and reduced clients’ willingness to commit to new spending.”

Commenting on the latest survey findings, Senior Economist at ABN AMRO N.V. India, Gaurav Kapur said, “This contraction in activity levels was not entirely unanticipated, as the October PMI data and other anecdotal evidence painted a rather bleak picture of operating conditions in the sector.”

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Posted in Categories: Economy, Releases.

Subscribe by RSS Subscribe by Email