India’s manufacturing PMI fell to 56.6 in November from 59.2 in October. According to the HSBC India Manufacturing Purchasing Managers’ Index, the headline number stayed well above the neutral 50-mark and its long-term average of 54.2, indicating continued expansion. However, it marked the slowest improvement in operating conditions since February.
Output and new order growth slow to 9-month low
Manufacturers reported steady increases in output and new orders, but both categories expanded at the weakest pace in nine months. Companies cited tough market conditions, delays in project execution and increased competition among firms.
Weakest export order growth in over a year
Export sales continued to grow but at a softer pace. New export orders rose at the weakest rate in more than a year, even though firms reported favourable demand from clients in Africa, Asia, Europe and the Middle East. Lower momentum in international markets added to the broader slowdown in sales and production.
The report also noted that job creation slipped to its lowest level since mid-2022.
