Introduction: As the year came to a close, India's manufacturing sector faced headwinds, experiencing an 18-month low in growth during December 2023. The latest data, compiled by S&P Global in the HSBC India Manufacturing Purchasing Managers’ Index, sheds light on the challenges faced by the industry as it navigated a slowdown in new orders and output. India's manufacturing output hit an 18-month low in December. Decoding the Numbers: In December, the Manufacturing PMI dipped to 54.9, down from 56 in November. Despite this decline, the sector managed to stay above the crucial 50-mark, signifying expansion rather than contraction. Notably, the output rose at the slowest pace in 14 months, indicating a challenging landscape for manufacturing. Expert Insights: Pranjul Bhandari, Chief India Economist at HSBC, offered insights into the situation. "India's manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous...
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