Manufacturing down in April

Published on May 05, 2015 01:38:34 AM
Business
The Indian manufacturing economy recorded a growth slowdown at 51.3 during April from 52.1 in March as per HSBC India Purchasing Managers’ Index released by global agency Markit on Monday. Total new orders increased at a weaker pace and, as a consequence, companies reduced staffing levels and raised output to a lesser degree. Meanwhile, both pre and post-production inventories were accumulated at slower rates.

Pollyanna De Lima, economist at Markit said, "Despite recording softer rates of expansion, the Indian manufacturing sector held its ground in April, benefitting from ongoing improvements in operating conditions. The strong external market, with the rise in new export business remaining solid. However, we are yet to see growth lead to meaningful job creation, as the index measuring employment has shown little change to staff numbers since the beginning of 2014.”