India manufacturing PMI registers slowest improvement in operating conditions since February, S&P data shows

India's manufacturing industry registered another round of impressive growth, with total new orders and output again expanding at above-trend rates, final survey data from S&P Global showed on Monday. That said, these increases were the slowest since February. Notably, new export orders rose at the weakest pace in over a year. A softer rise in sales restricted growth of buying volumes and job creation, while positive sentiment towards output prospects slipped to its lowest level since mid-2022. Inflation rates receded in November, with input costs and selling charges rising at the slowest rates in nine and eight months respectively. Registering 56.6 in November, the seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) a single-figure indicator of sector performance was comfortably above the neutral mark of 50.0 and its long-run average of 54.2. Falling from 59.2 in October, however, the latest figure highlighted the slowest improvement in operating conditions since February. 

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