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Financial News: India Manufacturing Growth At 6-month Low

India Manufacturing Growth At 6-month Low

04/02/2019 - 03:16:00 (RTTNews)

(RTTNews) - India's manufacturing growth slowed to a six-month low in March due to softer increases in new orders, production, input buying and employment, survey data from IHS Markit showed on Tuesday.

The headline Nikkei manufacturing Purchasing Managers' Index, or PMI, fell to 52.6 in March from 54.3 in February.

A score above 50 indicates expansion in the sector.

New order growth was slowest in six-months, as the upturn was curbed by the upcoming elections and competitive conditions. Export demand rose further, albeit at a slower pace.

Due to competitive pressures, relatively subdued sales and shortages of raw materials rate of expansion eased to a six-month low in March.

Employment in manufacturing rose, thanks to new order growth, but the pace of growth was the weakest in eight months.

Buying levels increased at the slowest pace in ten months and stocks of raw materials and semi-finished goods rose further.

Input cost and output prices registered a softer growth in March and the rate of inflation in both were below their long run average.

Business sentiment improved to a seven-month high during March with companies predicting that marketing initiatives, capacity expansion plans and favorable public policies after the elections would support production growth over the course of the coming 12 months.

"As such, we expect stock-building efforts in the coming months and robust business sentiment to support output growth and further lift payroll numbers," IHS Markit Principal Economist Pollyanna De Lima said.

"Expansionary public policies such as fiscal stimulus and interest rate reduction should also assist the manufacturing sector in gaining some traction in the near term."

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