India PMI contracts for the first time in a yearStaff Writer | January 2, 2017
A gauge of manufacturing activity in India contracted for the first time in an year in December as a cash shortage in the South Asian economy hurt new orders.
Economy in India India Manufacturing Purchasing Managers
The lower reading could deepen concerns that a slowdown in Asia's third-largest economy triggered by the government's move in November to withdraw overnight 86% of bank notes in circulation may last longer than expected.
The move dried up the flow of cash, bringing business activity to a grinding halt. ■