India Factory PMI: India s manufacturing sector concluded 2023 with a slightly shaky performance, as indicated by the HSBC India Manufacturing Purchasing Managers Index, falling to 54.9 in December from November s 56.0. While growth in output and new orders softened, the sector continued to expand for the 30th consecutive month, with a positive outlook for the future.
India s manufacturing sector experienced a moderate improvement in November, with the S&P Manufacturing PMI reaching 56, up from October s eight-month low of 55.5. While domestic demand remained robust, international demand weakened, resulting in new export orders reaching a five-month low. Business sentiment also reflected concerns about potential price increases in the near term.
The findings were positive for Asia's third-largest economy, which grew a surprisingly strong 7.6% last quarter, slightly slower than the 7.8% growth seen in the April-June quarter but remaining on track to be the fastest growing major economy this fiscal year.