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Demand in manufacturing revived in Q2
Why is it in news?
- The Reserve Bank of India (RBI), released fresh data on manufacturing rivival.
- The data had been drawn from abridged quarterly financial results of 2,637 listed non-government non-financial (NGNF) companies.
Key Outcomes of RBI data:
- Demand conditions in the manufacturing sector returned to recovery mode.
- There is a softer contraction of 4.3% year-on-year in the quarter ended September in terms of nominal sales.
- There was a shrinkage of 41.1% in the previous quarter that was hit by countrywide lockdowns due to COVID-19.
- The recovery was led by iron and steel, food products, cement, automobile and pharmaceuticals companies.
- Sales growth for IT companies remained steady at 3.6% in Q2.