Factory growth slows to five-year low amid weak demand
Purchasing Managers' Index
A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction.
New Delhi: India's manufacturing sector growth slowed to a five-year low in July amid weaker new business growth and increasingly challenging market conditions, a monthly survey said on Monday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell to 53.5 in July from 54.2 in June, its lowest level since August 2021 and below the long-run average of 54.2.
A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction.
The survey said the rate of growth in new orders was the second-weakest in more than four years. While advertising and resilient demand supported sales, increasingly difficult market conditions and reduced client interest in key products curbed growth.
Job creation in the manufacturing sector also weakened for the third consecutive month.
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