NEW DELHI: India's manufacturing sector growth fell to an eight-month low in September amid softer increase in factory production, sales and new export orders, a monthly survey said on Tuesday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 57.5 in August to 56.5 in September, registering the weakest pace of growth since January.
In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
“Momentum in India's manufacturing sector softened in September from the very strong growth in the summer months. “Output and new orders grew at a slower pace, and the deceleration in export demand growth was especially evident as the new export orders PMI was the lowest since March 2023,” Pranjul Bhandari, Chief India Economist at HSBC, said.
The September PMI data revealed a mild setback in manufacturing growth across India. For the third straight month, rates of expansion in factory production and sales receded. Moreover, international orders rose at the slowest pace in a year-and-a-half.
