Quantity of purchases grew at a slower clip, stocks of purchases accelerated and stocks of finished goods grew at broadly the same pace
Backlogs of work rose notably and supplier delivery times continued to lengthen, albeit at a slower pace. Meanwhile, employment rose at a slightly faster pace.
Input prices deflated and output prices declined for the first time since the global financial crisis.
Leif Lybecker Eskesen, Chief Economist for India & ASEAN, HSBC says, "The manufacturing sector continued to slow led by a fall in output and a slowdown in domestic demand. With inflation pressures easing the RBI may cut the policy rate again at the June meeting, but it is not blessed with a lot of room to ease monetary policy settings."
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