The Indian manufacturing sector expanded at a slower pace in March, data released by Markit Economics and HSBC Bank showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to 54.7 in March from February's 56.6. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.
New business received by manufacturing firms increased sharply during March, though the rate of growth eased to the weakest in three months. Production increased at a slower pace in March, leading to significant accumulation of backlogs of work, which grew at the fastest pace in the series history.
Employment increased at a marginal rate during the month, mainly reflecting the higher output requirements.
Input price inflation increased substantially, owing to higher raw material prices. Manufacturers passed on higher input prices to customers by raising their prices charged, though the rate of output inflation slowed to a 16-month low.
by RTT Staff Writer
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