New Delhi: India’s manufacturing activity slipped to a three-month low of 57.5 in May. The HSBC final India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, eased to 57.5 in May from 58.8 in April. The May reading was also less than the flash projection of 58.4.
However, the index has remained above its long-run average and also above the 50-mark, which separates contraction from expansion, for nearly three years now.
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‘India’s manufacturing sector remained firmly in expansion midway through the first fiscal quarter, despite a mild loss of growth momentum,’ the survey report noted.
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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