India's manufacturing sector growth eased to an eight-month low in April as new business growth moderated. The Nikkei India Manufacturing Purchasing Managers' Index declined from 52.6 in March to 51.8 in April, reflecting weakest improvement in business conditions since August 2018. This is the 21th consecutive month that the manufacturing PMI remained above the 50-point mark. A print above 50 means expansion while a score below indicates contraction. April PMI data indicated that softer increase in new orders restricted growth of output, employment and business sentiment. Although remaining inside expansion territory, growth continued to soften and the fact that employment increased at the weakest pace for over a year suggests that producers are hardly gearing up for a rebound, noted the report.
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