The Indian manufacturing sector expanded at a slower pace in January, data from a survey by Markit Economics and HSBC Bank showed Friday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to 53.2 in January from 54.7 in December. A PMI reading above 50 indicates expansion in the sector, while one below suggests contraction.
Production in the manufacturing sector advanced at the slowest pace in three months in January. Output has increased in every month since April 2009.
New orders received by manufacturers increased for the forty-sixth successive month, though at a slower pace compared to December, owing mainly to stronger demand and improved product quality.
Manufacturers raised their workforces further during the month, in line with the increase in workloads. Input prices rose for the forty-sixth successive month in January amid higher fuel and raw material prices. Firms raised their output charges to protect margins in the face of higher costs, data showed.
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