New Delhi: After seven months of recession, the country’s manufacturing industry is turning around! This is according to Market India Services Purchasing Managers (PMI).
According to the PMI, factories in the country had the highest production in a decade in October. The production in that month was 54.1 percent. It was 49.6 percent in September. If this index is above 50 percent, it should be understood that the production in the country is increasing. PMI chief Palianne de Lama said the way in which production in the country had declined due to the corona has finally begun to turn around.
However, the PMI said that the employment opportunities in the country are declining again this month. Although the employment rate in the country increased in September, it decreased again in October. In that month, the unemployment rate in the country rose to 7.96 percent. It was 7.6 percent in September.
Meanwhile, Finance Minister Nirmala Sitharaman said the country’s GDP growth rate would drop sharply by the end of the year. However, he said on Tuesday, the country’s export rate is increasing. New possibilities have been created in the industry as well, job opportunities have also been created. GST collection has increased. Skilled, unskilled workers are getting jobs back. All in all, there is a possibility that the country’s economy will turn around again.