India's Manufacturing PMI Hits 7-Month Low In Sept

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India's manufacturing PMI hit a seven month low of 51.1 in Sept as compared to 52.3 in Aug, a release by Markit on behalf of Nikkei India manufacturing showed.

"Staffing levels were reduced, consequently, purchasing activity rose at the weakest pace since December 2013. Reflecting falling commodity prices, input costs decreased on average, and firms subsequently lowered their charges," the release by Markit stated.

India's Manufacturing PMI Hits 7-Month Low In Sept
"Weighing on the PMI were slower increases in new orders and output. September data pointed to the weakest rise in production since May last year, with the slowdown evident across the three broad areas of the manufacturing economy. Growth of new work moderated to the weakest since June, reflecting challenging economic conditions," the release added.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at Markit and author of the report, said, "Despite having been supported by sustained increases in new work, growth of Indian manufacturing production in September was weighed down bya difficult economic climate. Nonetheless, the region's growth prospects for the July-September quarter are encouraging.

According to PMI data, the manufacturing sector looks set to provide a stronger contribution to GDP than it did in the April-June quarter."

GoodReturns.in

Read more about: pmi, markit
Story first published: Thursday, October 1, 2015, 11:14 [IST]
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