India's manufacturing growth eased for the second consecutive month in July 2023, according to the S&P Global India Manufacturing Purchasing Managers' Index (PMI). The index stood at 57.7 in July, down from 57.8 in June.
However, the index remained above the 50-mark, signaling expansion. This is the 25th consecutive month of expansion in the manufacturing sector.
The slowdown in manufacturing growth was driven by a moderation in output and new orders. However, input prices continued to rise, albeit at a slower pace.
The survey also found that the sector continued to outperform globally, defying demand weakness in other regions.
Here are some of the key findings of the survey:
- Output growth eased to a three-month low in July.
- New orders growth also moderated, but remained at a healthy level.
- Input prices rose at a slower pace, but remained elevated.
- Employment growth remained strong.
- Export orders growth accelerated to a nine-month high.
The survey's findings suggest that the Indian manufacturing sector is still expanding, but at a slower pace. This is likely due to a number of factors, including the ongoing global economic slowdown and the rising cost of inputs.
However, the sector is still outperforming globally, and there are signs that demand is picking up. This suggests that the Indian manufacturing sector is well-placed to continue to grow in the coming months.
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