In a recent report released by HSBC, the Purchasing Managers' Index (PMI) for manufacturing in India dipped slightly to 58.8 in April 2024. This is a decrease from the previous month's reading of 59.1. The data, updated on 2nd May 2024, indicates a slight slowdown in the manufacturing activity in India.
The PMI is a key indicator of the economic health of the manufacturing sector, with a reading above 50 indicating expansion and a reading below 50 indicating contraction. Despite the small decrease in April, the Indian manufacturing sector continues to show growth, albeit at a slightly slower pace. Analysts will be closely monitoring future PMI releases to gauge the trajectory of the sector amidst global economic uncertainties.
