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India’s manufacturing PMI hits 18-month low in December

Mumbai: India’s Manufacturing Purchasing Managers’ Index (PMI) touched 18-month low  in December 2023. The  Manufacturing Purchasing Managers’ Index, compiled by S&P Global in last month is at  54.9. It was at 56.0 in November 2023. It was at eight-month low level of 55.5 in October.

In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.

Also Read: India’s coal production 664.37 million tones this fiscal 

‘India’s manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous month. Growth of both output and new orders softened, but on the other hand, the future output index rose since November,’ said Pranjul Bhandari, chief India economist at HSBC.

The PMI is a weighted average of the five indices, namely  New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%). The index is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

 

 

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