India’s Manufacturing PMI Declines To Three Month Low

03 April 2012 16:30 - Victoria Wedderburn

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India’s Manufacturing PMI Declines To Three Month Low

India’s HSBC Purchasing Managers Index (PMI), an indicator used to measure the health of the manufacturing sector, eased to 54.7 in March from 56.6 in February and 57.5 in January. Anything above 50 indicates expansion while anything below highlights contraction. While this is a decline, considering the global context of a slowdown in many economies, India’s manufacturing PMI remains robust, particularly as China didn’t manage to reach positive growth as its PMI stood at 48.3.

Even though Indian manufactures reported a marked rise in new business during March and export orders remain strong, the rate of expansion was the weakest in three months. Indian manufacturing eased in March on the back of slower growth in new orders and output partly thanks to power outages and raw materials shortages. HSBC said. “The moderation in output growth was largely domestically driven.” Leif Eskesen, economist at HSBC said, “Activity in the manufacturing sector expanded at a slower pace in March led by a moderation in output and order growth, although export orders accelerated.” Eskesen added, “While inflation of output prices eased, a further rise in input price inflation suggests it could pick up again as cost pressures are passed on to customers.”

Pranab Mukherjee, India’s finance minister has blamed the situation in Europe for causing problems for India.

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Related Links:
• HSBC
Purchasing Managers' Index
• Reserve Bank of India
India's Central Bank
• Government of India
Ministry of Finance
• Economic Calendar
Scheduled Economic Events

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