Market LIVE: Manufacturing activity picks up; power supply falls; new GST return system on cards

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economic growth, development, manufacturing, essar steel, manufacturing pmi, pmi, facttory output, production,India has supplied less electricity for the fifth month in a row in December, signalling that the country’s industrial activity has not picked up amid an ongoing economic slowdown that is yet to bottom out.

Market LIVE: India’s manufacturing Purchasing Managers’ Index (PMI) rose at the “joint-strongest” rate in December 2019 with companies ramping up production and resuming hiring efforts. The PMI reading was at 51.2 in November. Even then, the degree of optimism signalled at the end of last year was the weakest in just under three years. The same reflects concerns over market conditions, which could restrict job creation and investment in the early part of 2020, IHS Markit said. In the next GST meet scheduled for Tuesday, officers from states and Centre are likely to discuss a new return system, measures to boost compliance and check frauds. While concerns for revenue remain, the officers are also likely to discuss fake input tax credit (ITC) claims, misuse of refunds and data matching of filings and bank accounts, The Indian Express reported. Meanwhile, India has supplied less electricity for the fifth month in a row in December, signalling that the country’s industrial activity has not picked up amid an ongoing economic slowdown that is yet to bottom out.

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