India’s Manufacturing Sector Experiences Slowed Growth but Maintains Strong Performance
India’s manufacturing sector, a vital part of the country’s economy, has experienced a slowdown in growth, reaching a three-month low.
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Despite this deceleration, the sector continues to perform above its long-term average, signaling resilience amid challenging conditions.
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In January 2023, India’s Purchasing Managers’ Index (PMI) for manufacturing fell to 55.4 from 57.8 in December 2022.
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Output and new orders, essential indicators of demand strength, showed slower growth compared to December, when the output reached a 13-month high.
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Foreign demand, an important component for manufacturing growth, also saw a reduced increase, reaching a ten-month low in new international orders.
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One major factor is the rising input costs. Manufacturers have faced increased prices for key inputs such as chemicals, electronic components, energy, metals, and packaging materials.
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