(MENAFN) With Nikkei's Manufacturing Purchasing Managers' Index (PMI) dropping to a 28-month low of 49.1 against 50.3 in May, India's manufacturing activity slumped in June for the 2nd time in over 2 years.
Additionally, Inflation was at a seven-month high in both input costs and output charges, not to mention that the ongoing depreciation of the rupee against the US dollar pushed inflation higher, based on recent reports.
On the back of lower agricultural output, the nation's mid-year review released last month severely lowered the economic growth projection for the current fiscal to the 7-7.5pct range, from the earlier forecasted 8.1-8.5 percent.
However, according to the International Monetary Fund (IMF), as of November-2015, the Indian economy is nominally worth USD2.182 trillion; making it the 7th-largest economy by market exchange rates.
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