Financial News: India Manufacturing Growth Eases In November

India Manufacturing Growth Eases In November

12/02/2024 - 01:58:00 (RTTNews)

(RTTNews) - India's manufacturing sector growth remained strong in November, but the pace of expansion softened due to slower increases in orders and production amid inflationary pressures, data compiled by S&P Global showed on Monday.

The HSBC final manufacturing Purchasing Managers' Index dropped to 56.5 in November from 57.5 in October. The flash reading was 57.3. A score above 50.0 indicates expansion.

New orders grew at the second-weakest pace in eleven months. The overall growth was supported by favorable demand conditions, though stymied by fierce competition and price pressures, the survey said.

In line with favorable demand conditions, goods producers lifted their production level, though the rate of expansion receded to the weakest in the calendar year so far. The slowdown reportedly reflected competitive conditions, inflationary pressures, and subdued orders at some units.

Nonetheless, new export orders rose at the quickest pace in four months, driven by more demand from Bangladesh, mainland China, Colombia, Iran, Italy, Japan, Nepal, the UK, and the US. Employment level in the manufacturing sector increased for the ninth straight month.

On the price front, input price inflation accelerated to a 4-month high due to higher costs for labor and materials and freight charges. As a result, output price inflation soared to an eleven-year high.

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