The HSBC India Manufacturing Purchasing Managers' Index (PMI) slipped marginally to 58.4 in May 2024, down from 58.8 in the previous month. The latest data showcases a slight deceleration in the manufacturing sector's growth pace, maintaining a robust level despite the dip.
Updated on May 23, 2024, the PMI figure of 58.4 still signals a strong expansion in India's manufacturing activities. The index remains well above the 50-mark threshold, which separates growth from contraction, highlighting the sector's continued resilience and strength despite external market pressures.
Economic analysts suggest that the slight dip from 58.8 to 58.4 could be attributed to a range of factors, including fluctuating demand, supply chain constraints, and raw material cost variations. However, the continued high PMI indicates sustained confidence and activity within the manufacturing sector as India navigates prevailing economic challenges.
