India's manufacturing activity moderates in March as production, sales slow

Production, sales expand at the slowest pace in six months; positive sentiment falls substantially

India’s manufacturing activity moderated in March as companies said production expanded slowly and new export orders declined, according to data released by S&P Global.

Manufacturing Purchasing Managers’ Index (PMI) was recorded at 54.0 in March, down from 54.9 in February, highlighting weakest rate of growth in terms of production and sales since September 2021. PMI reading above 50 indicates expansion while a print below 50 denotes contraction.

“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,