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India's manufacturing PMI falls to 18-month low in December
According to the HSBC India Manufacturing Purchasing Managers' Index (PMI), which is compiled by S&P Global, India's manufacturing PMI fell to 54.9 in December from 56 in November and 55.5 in October. India’s manufacturing activity fell to an 18-month low in December due to the softening of new orders and output, a private survey said on Wednesday. According to the HSBC India Manufacturing Purchasing Managers' Index (PMI), which is compiled by S&P Global, India's manufacturing PMI fell to 54.9 in December from 56 in November and 55.5 in October. In October, India's manufacturing activity recorded its slowest rate of expansion since February. A PMI reading above 50 indicates an expansion and below 50 a contraction. The latest PMI numbers, based on a survey of 400 manufacturers, come a month after data showed that the Indian economy grew at an impressive 7.6% in the second quarter on the back of higher government spending and strong performance in the manufacturing, mining and construction sectors. Meanwhile, the latest survey said the manufacturing sector expanded in December despite slowing growth momentum. "There were softer, albeit sharp, increases in factory orders and output, while business confidence towards the year-ahead outlook strengthened," it added. Indian merchandise exports have been affected by a slowdown in global growth. The tightening of interest rates due to nagging inflation, especially in advanced economies, has led to a slowdown in business, investment and trade. Conflicts in Ukraine and West Asia have also threatened to push up commodity prices, leading to greater inflationary pressures. Source - MInt
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