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Financial News: India's Manufacturing Growth At 9-Month Low

India's Manufacturing Growth At 9-Month Low

07/01/2022 - 02:55:00 (RTTNews)

(RTTNews) - India's manufacturing activity continued to expand in June on robust domestic and foreign client demand, but the pace of growth eased to a nine-month low amid intense price pressures, survey results from S&P Global showed on Friday.

The S&P Global factory Purchasing Managers' Index dropped to 53.9 in June from 54.6 in May. However, a reading above 50 indicates expansion in the sector.

The sector expanded for the twelfth successive month and the latest rate of growth was the weakest since September last year.

New orders and output continued to increase in June, but in both cases the rates of expansion eased to nine-month lows.

Input price inflation remained historically high in June, driven by increased prices for chemicals, electronics, energy, metals, and textiles. However, cost inflation was the lowest in three months. Selling prices also showed a similar trend.

Inflationary pressures continued to dampen business confidence in June, with sentiment slipping to a 27-month low.

"There was positive news regarding supply chains, with the latest results showing the first shortening of input lead times since the onset of COVID-19," Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said.

"This seemed to have curbed the upward pressure on input costs, with purchase prices and output charges increasing at sharp but slower rates during June."

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