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Domestic factory production slowed down as the Nikkei India Manufacturing Purchasing Managers' Index (PMI) came in at 52.3 in July, down from 53.1 in June. However, the index still recorded its 12th consecutive month of expansion. Output and new orders rise at slower, but marked rates while the input cost inflation eased from June's near four-year high.
Manufacturing conditions across India improved at a modest and slower pace at the start of the quarter, reflecting softer rises in output, new orders and employment. On the price front, input cost inflation eased from June's multi-year high and was broadly in line with the series trend. Subsequently, firms raised their output charges at a modest and slower pace. Meanwhile, business sentiment towards the 12-month outlook for output strengthened to a three-month high.
This index is based on the survey conducted among purchasing executives in over 400 companies. These companies are divided into eight broad categories: Basic Metals, Chemicals & Plastics, Electrical & Optical, Food & Drink, Mechanical Engineering, Textiles & Clothing, Timber & Paper and Transport. An index over 50 shows expansion, while one below 50 stands for a contraction. The index is prepared by IHS Markit and released along with a detailed report.
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