Manufacturing growth lowest in 30 months
Weak PMI gives rise to fears of sub-8% economic growth for the third quarter in a row.
India’s manufacturing activity has been showing clear signs of a slowdown in growth as it bears the brunt of monetary tightening, which may have repercussions for industrial and overall economic growth as well.
Manufacturing growth fell to the lowest in two and a half years in September, almost close to contraction in output, according to the widely tracked HSBC Purchasing Managers’ Index (PMI).
Economists believe there might be a pause in monetary tightening sooner than later, though the central bank may go for one more policy rate hike.
PMI for manufacturing was down to 50.4 points in September, the weakest since March 2009. It stood at 52.6 points in August.
A number above 50 indicates expansion in manufacturing output, while any reading below it denotes contraction. For more visit: Business Standard
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