The official manufacturing Purchasing Managers’ Index (PMI) held up at 54.5 in February, just slightly lower than the 55.3 recorded in January. The figures show that manufacturing operations are improving, which is quite heartening in a weak global economy. Economists at Axis Capital Ltd said in a note to clients that coronavirus’ impact remain uncertain and it might hit the market in March. Besides this, goods and services tax (GST) collections of February are hardly signalling a revival in gross domestic product. Moreover, About 8.35 million returns were filed in February against 8.1 million last December.
