India’s March manufacturing sector growth weakens, PMI reports
New Delhi, April 4 (IANS): The growth rate of India’s manufacturing sector sequentially slowed in March 2022 due to softer rise in demand.
Accordingly, the seasonally-adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) came in at 54 (index reading) from 54.9 in February.
The PMI ranges between 0 and 100, with a reading of above 50 indicating an overall increase compared to the previous month.
As per the PMI report, business conditions improved in March, but the latest results showed slower expansions in factory orders and production as well as a renewed decline in new export orders.
Besides, it cited that price indices increased since February to signal mounting pressures.
Notably, inflationary concerns dampened business confidence, which fell to its lowest level in two years.
“The slowdown was accompanied by an intensification of inflationary pressures, although the rate of increase in input costs remained below those seen towards the end of 2021,” said Pollyanna De Lima, Economics Associate Director at S&P Global.
“Goods producers signalled higher prices paid for chemicals, energy, fabric, foodstuff and metals, despite supplier performance worsening to the least extent in almost a year.”