Manufacturing Current Affairs - 2019
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The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) make the following observations:
- Amid slender increases in new orders and production, manufacturing activities slowed down to a six-month low in March, reflecting a loss of growth momentum.
- The PMI slipped from 54.3 in February to 52.6 in March. The PMI score at 52.6 was a six-month low and it highlights a loss of growth momentum.
- Even though the operating conditions in the Indian manufacturing industry are improving, there was has been a widespread slowdown in growth.
- Factory orders and production expanded at the slowest pace since September last while job creation eased in March.
- Softer increases were registered in new orders, production, input buying and employment. The deceleration was accompanied by subdued inflationary pressures, with rates of increase in input costs and output charges below their respective long-run averages.
- Manufacturing sector expansion in India retreated in March, with metrics for factory orders, production, exports, input buying and employment all decreasing.
The report ahead of the RBI’s first monetary policy for the ongoing fiscal year to be announced on April 4 makes a strong case for the rate cut. The index is based on data collated from monthly replies to questionnaires sent to purchasing executives in over 400 industrial companies.
India has launched its third IT corridor in China. The corridor will facilitate partnerships between Indian and Chinese companies. National Association of Software and Services Companies (NASSCOM) entered into a partnership with China’s Xuzhou city from Jiangsu Province in China to help develop the IT corridor.
- IT corridor facilitates partnerships between Indian and Chinese companies by enabling Indian software and service industry associations to enter the Chinese market and seize the development opportunities in China.
- The corridor facilitates will facilitate match-making between Indian companies wanting to collaborate with companies in China looking to adopt digital transformation from verticals such as manufacturing, retail, automotive, healthcare and utilities and help them create innovative product and solutions in the co-create mode.
- The corridor will help create more jobs in China and India and facilitate talent transfer between the two countries.
- The earlier two corridors launched at Dalian and Guiyang cities has brought to fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million).
- The first two corridors had enabled cooperation in co-create mode in the emerging technologies such as AI, IoT and Analytics in the Chinese market.
IT corridor project between India and China strengthens India-China Digital Cooperation by leveraging the respective strengths in hardware and software to build innovative products and solutions in Co-create mode.
Tags: Automotive • China • Dalian • Guiyang • Healthcare • India-China • IT Corridor • Jiangsu Province • Manufacturing • NASSCOM • National Association of Software and Services Companies • retail • utilities • Xuzhou