नवीनतम
India’s flash PMI falls to 59.9 in Nov
NEW DELHI [Maha Media]: The combined performance of India’s manufacturing and services sectors reported a slower rate of expansion as the HSBC Flash India Composite Purchasing Managers’ Index fell to 59.9 in November from 60.4 in October.
According to data released by S&P Global, the index, which tracks month-on-month changes in the combined output of the two sectors, indicated a slower rate of expansion.
The growth slowed in November mainly because factory production grew more slowly, the weakest since May.
Some manufacturers got fewer new orders, while service sector activity grew faster than in the previous month, S&P Global said.
Speaking on the development, Chief India Economist at HSBC, Pranjul Bhandari said, "The HSBC flash manufacturing PMI eased, though the improvement in operating conditions remained healthy. The rise in new export orders matched that seen in October."
"However, overall new orders came in soft, indicating that the GST-led boost may have peaked. Cost pressures eased considerably, and so did prices charged."
The report added that the export orders for goods stayed steady, but services saw a slight slowdown. International demand rose, but at the weakest rate since March due to tough global competition and cheaper alternatives abroad.
The report noted that a combination of slower sales growth and falling backlogs reportedly stymied job creation across India's private sector midway through the third financial quarter.
“Input costs and selling prices rose again, but inflation was mild and the weakest in over five years. Businesses still expect output to grow in the coming year, supported by pricing and expansion efforts, but overall confidence was the lowest since mid-2022,” the report highlighted.
