India's manufacturing PMI softens to 18-month low in Dec 2023
During the month under review, input costs rose at the second-slowest rate in nearly three-and-a-half years and charge inflation softened to a nine-month low.
During the month under review, input costs rose at the second-slowest rate in nearly three-and-a-half years and charge inflation softened to a nine-month low.
According to S&P Global, a key feature of the latest results was a substantial easing of price pressures.
The first trading day of December month started on a strong note, with the Sensex and Nifty rising nearly 0.8% to touch their fresh lifetime highs.
The latest PMI reading remains above its long-run average of 53.9.
New orders, the largest sub-component of the PMI, rose at a softer pace in September.
The growth in new export business picked up to the fastest in nine months, since November last year
Positive demand dynamics and greater labour costs pushed charge inflation to a 13-month high.
S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose from 57.2 in April to 58.7 in May
The country's manufacturing PMI for March stood at 56.2, in February it was 55.3 and in January it was 53.7.
However, the PMI average for the fourth quarter for FY23 stood at 55.7, as against 56.3 in Q3 of FY23.