India: Manufacturing Activity At Seven-Month Low, PMI Slips To 54 in March 2022

India’s manufacturing activities have seen a moderation in March 2022. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.0 in March, up from 54.9 in February, a monthly survey said on Monday. This is the lowest level in seven months.

According to a report released in this regard, the figures for March show the weakest growth in production and sales since September 2021. However, overall operating conditions continue to improve for nine consecutive months. Note that a PMI greater than 50 indicates expansion, while a score below 50 indicates contraction. S&P Global Economist Paulina De Lima said that manufacturing sector growth in India has weakened at the end of FY 2021-22 and companies have spoken of a slowdown in new orders and production. In the report, Lima noted that raw material costs in sectors such as chemicals, energy, textiles, foods and metals increased during this period. 

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