Financial News: India Manufacturing Growth Slowest In 8 Months

India Manufacturing Growth Slowest In 8 Months

10/01/2024 - 02:45:00 (RTTNews)

(RTTNews) - India's manufacturing sector continued to expand strongly in September, though the pace of growth eased to an 8-month low as both output and new orders grew at softer rates, survey results from S&P Global showed on Tuesday.

The seasonally adjusted HSBC Manufacturing Purchasing Managers' Index dropped to 56.5 in September from 57.5 in August. Nonetheless, a score above 50.0 indicates expansion.

New orders grew at the slowest pace in this year so far due to fierce competition. Nevertheless, the overall growth was driven by positive demand trends, successful advertising, and favorable client interest. The rise in export demand was also moderated to the slowest pace in a year and a half

Despite this loss of growth momentum, net employment and quantities of purchases rose, while business confidence was broadly aligned with its long-run average, the survey said.

The overall rate of expansion in output eased to an eight-month low in September, with growth softening in the consumer and capital goods segments.

On the price front, cost pressures intensified in September due to higher chemical, packaging, plastic, and metal prices. However, in historical terms, the rate of inflation was mild. As a result, Indian manufacturers raised their selling prices, though the rate of inflation softened to a five-month low and was similar to that seen for input costs.

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