India manufacturing growth softens but remains above long run average

India's manufacturing sector growth softened to a three-month low in May. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, dipped to 57.5 in May from April's 58.8, below a preliminary estimate of 58.4. However, the index remained above its long-run average and has been above the 50-mark separating contraction from expansion for almost three years. Firms showed the highest level of positive sentiment in more than nine years on expectations that demand will remain buoyant. The optimism prompted companies to add jobs at the fastest pace since November 2022.

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