India's manufacturing sector expanded at the slowest pace in seventeen months April, data from a survey by Markit Economics and HSBC Bank showed Thursday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to 51 in April from 52 in March, hitting the lowest level since November 2011. An index reading above 50 indicates expansion in the sector, while one below suggests contraction.
Production at Indian factories increased at the slowest pace in forty-nine months in April, after recording strong growth in the first quarter of the year, owing mainly to persistent power shortages.
New orders received by manufacturers increased for the forty-ninth successive month in April, helped by firm demand in the private sector new product launches.
Manufacturers increased their workforces further during the month, extending the current period of
job creation to 14 months.
Average input prices rose solidly, but at the slowest rate since June 2010. Factory gate prices increased modestly during the month as competitive pressures prevented firms from passing the full cost burden on to clients.
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