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.
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‘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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