Commerce Secretary Anup Wadhawan said the current slowdown in exports is mainly due to a decline in petroleum products.
Asian Development Bank said growth should pick up to 6.5 per cent in the next fiscal year with supportive policies.
The company produced a total of 1,41,834 units in November as against 1,35,946 units in the year-ago month, MSI said.
For the first half of 2019-20 fiscal, GDP growth slowed to a pace of 4.8 per cent compared to the 7.5 per cent a year back.
This led to a job loss of around 1 lakh temporary workers till July this year, industry body ACMA said.
India's economy grew at 5 per cent in the first quarter of 2019-20 -- the slowest pace in over six years.
The report indicates only a marginal improvement in the health of the manufacturing industry, the survey said.
Considering the strong governmental push towards EVs, India has a huge potential to become one of the largest EV markets, the report noted.
This is the 26th consecutive month that the manufacturing PMI has remained above the 50-point mark.
Our tax rates have become very competitive with government's move to lower corporate tax rates, said banker Deepak Parekh.