A business survey said that India’s manufacturing activity
slowed more than expected to a seven-month low in September due to softening
demand and output. With order flow turning sluggish amid “difficult economic
climate”, the Nikkei India Manufacturing PMI — a composite monthly indicator of
manufacturing performance, which was earlier under HSBC — stood at 51.2 in
September, down from 52.3 in August. A figure above 50 represents expansion
while one below that level means contraction.
“Despite having been supported by
sustained increases in new work, growth of Indian manufacturing production in
September was weighed down by a difficult economic climate,” Pollyanna De Lima,
Economist at Markit and author of the report, said. However, it says the
region’s growth prospects for the July-September quarter are encouraging.
According to PMI data, the manufacturing sector looks set to provide a stronger
contribution to GDP than it did in the April-June quarter, Lima added.
Source: http://indianexpress.com/article/business/business-others/nikkei-india-pmi-manufacturing-growth-slips-to-7-month-low/
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