Monday, 2 January 2017

Cash crunch pushed Indian factory activity into contraction in December

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Indian factory activity plunged into contraction last month as a cash crunch following Prime Minister Narendra Modi's currency crackdown severely hurt output and demand.

The Nikkei/Markit Manufacturing Purchasing Managers' Index INPMI=ECI fell to 49.6 in December from November's 52.3, its first reading below the 50 mark that separates growth from contraction since December 2015.

It was also the biggest month-on-month decline since November 2008, just after the collapse of Lehman Brothers triggered a financial crisis and brought on a global recession.

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