India’s Manufacturing Sector Expands At Slower Pace

India’s manufacturing activity expanded for the seventh successive month in February, though at a slower pace than in the previous two months, survey data from IHS Markit showed Wednesday.

The Nikkei manufacturing Purchasing Managers’ Index, or PMI, dropped to 52.1 in February from 52.4 in January. However, any reading above 50 indicates expansion in the sector.

The overall upturn in February was driven by increasing output and new orders, but both registered at slightly weaker growth rates.

In response to greater production requirements, manufacturers lifted their staffing levels and purchasing activity.

On the price front, input price inflation accelerated to the sharpest in a year, driven by higher prices for steel, chemicals and fuel.

“Although companies were able to raise their average selling prices at the fastest pace in a year, inflation remained modest highlighting some customer sensitivity to price changes,” Aashna Dodhia, Economist at IHS Markit, said.
Source: RTT News