Following the solid readings seen in March, the Indian manufacturing economy recorded a growth slowdown during April, HSBC survey said today.
Total new orders increased at a weaker pace and, as a consequence, companies reduced staffing levels and raised output to a lesser degree. Meanwhile, both pre and post-production inventories were accumulated at slower rates.
The headline HSBC India Purchasing Managers' stood at 51.3 in April, down from 52.1 in March, pointed to a weaker improvement in operating conditions across the sector, HSBC said on the press release.
Nonetheless, the headline index recorded above the crucial 50.0 threshold for the eighteenth successive month.
Purchasing activity growth moderated in April, leading to a weaker accumulation in pre-production stocks.
April data highlighted the first decrease in average selling prices for almost two years. Manufacturers indicated that discounts had been offered as part of efforts to secure new business, the HSBC survey compiled by Markit said.