Manufacturing activity in the country dipped to a one-year low in January, suggesting moderation in growth, says a report by State Bank of India (SBI).
The yearly SBI Composite Index fell below the 50 mark to 47.3 in January — its lowest level in the past one year, indicating “moderation in economic activity going forward”.
According to SBI, construction, steel and textile “are some of the sectors that are clear headwinds and thus need to be addressed head-on”.
Observing that 42 per cent of the tenders floated during the last 12 months are yet to be awarded, SBI has called for “a concerted and faster execution going forward in the construction sector”.
As per the report, construction activity in real estate segment was low in January, with players focused on stabilising their finances and adjusting to the new market situation.