India's manufacturing sector growth declines in Mar, a 5-month low

India's manufacturing sector growth declines in Mar, a 5-month low

India's manufacturing sector growth declines in Mar, a 5-month low

New order growth slowed due to weak foreign demand, and the pace of production level growth slackened, according to a Caixin statement with data compiler IHS Markit.

"However, the biggest disappointment was the softening of new orders to a nine-month low followed by a feeble rise in job creation as the most discouraging result this year".

The services sector, including finance, real estate, and retail, made up around 51.6% of China's output previous year, leading analysts to view yesterday's data as a sign of the country's slowing economy.

The Nikkei India Manufacturing Purchasing Managers Index (PMI) declined to a five-month low of 51 in March from 52.1 in February.

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This is consecutively for the eighth months that the PMI remained above the mark of 50-point.

That's down from 54.2 in February, and it missed expectations for 54.5 - although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

"With cost inflationary pressures also moderating to provide some respite for margins, the sector looks set to make further slow and steady progress as we head through the spring", Rob Dobson, director at PMI compiler IHS Markit, said. The impact of United States tariffs on steel and aluminium on India is expected to be limited, as India's exports in both metals to the U.S. accounted for less than 0.4 per cent of total merchandise exports.

On the employment front, firms reduced their payroll numbers for the first time in eight months. "PMI employment data gave warning signs in the labour market", Dodhia said, adding that "manufacturers operating in consumption and intermediate market groups signalled no appetite for recruitment".

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