India manufacturing seen shrinking as cash shortages continue

The Nikkei India Manufacturing Purchasing Managers

MUMBAI: A private gauge indicates that India’s manufacturing sector will shrink for the first time in a year as Prime Minister Narendra Modi’s unprecedented clampdown on cash hurts demand.

The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) was at 49.6 in December, a report showed yesterday, the lowest since December 2015.

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