The S&P Global India Manufacturing PMI ticked lower to a 3-month low of 57.7 in July 2023 from 57.8 in June. Still, the latest print was above market consensus of 57.0, pointing to the 25th straight month of growth in factory activity. Output expanded the least in 3 months but the rate of rise remained substantial as it continuously rose since July 2021. Also, buying levels rose slightly softer than the 12-year peak in May. New orders rose sharply again while growth in new orders picked up to the fastest since November 2022. Meantime, the solid pace of job creation was broadly in line with those in May and June, and outstanding business went up for the 19th month. Lead times shortened for the fifth month, albeit marginally. On prices, input cost inflation hit a 9-month peak but was softer than the series average. Selling prices were higher, but the rate of inflation eased to a 3-month low. Lastly, sentiment stayed above the series average, on hopes that demand will remain elevated. source: Markit Economics

Manufacturing PMI in India averaged 52.50 points from 2012 until 2023, reaching an all time high of 58.90 points in October of 2020 and a record low of 27.40 points in April of 2020. This page provides the latest reported value for - India Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. India Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Manufacturing PMI in India is expected to be 55.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Manufacturing PMI is projected to trend around 53.40 points in 2024 and 52.00 points in 2025, according to our econometric models.

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India Manufacturing PMI



Related Last Previous Unit Reference
Services PMI 62.30 58.50 points Jul 2023
Manufacturing PMI 57.70 57.80 points Jul 2023
Composite PMI 61.90 59.40 points Jul 2023

India Manufacturing PMI
The S&P Global India Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 500 manufacturing companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Actual Previous Highest Lowest Dates Unit Frequency
57.70 57.80 58.90 27.40 2012 - 2023 points Monthly
SA

News Stream
India Manufacturing PMI Edges Down to 3-Month Low
The S&P Global India Manufacturing PMI ticked lower to a 3-month low of 57.7 in July 2023 from 57.8 in June. Still, the latest print was above market consensus of 57.0, pointing to the 25th straight month of growth in factory activity. Output expanded the least in 3 months but the rate of rise remained substantial as it continuously rose since July 2021. Also, buying levels rose slightly softer than the 12-year peak in May. New orders rose sharply again while growth in new orders picked up to the fastest since November 2022. Meantime, the solid pace of job creation was broadly in line with those in May and June, and outstanding business went up for the 19th month. Lead times shortened for the fifth month, albeit marginally. On prices, input cost inflation hit a 9-month peak but was softer than the series average. Selling prices were higher, but the rate of inflation eased to a 3-month low. Lastly, sentiment stayed above the series average, on hopes that demand will remain elevated.
2023-08-01
India Manufacturing Growth Slightly Below Forecasts
The S&P Global India Manufacturing PMI dropped to 57.8 in June 2023 from May's 31-month peak of 58.7, less than market estimates of 58.0. That said, the latest print was the 24th straight month of growth in factory activity, as new export orders rose solidly, though at a softer rate, and employment gained at a moderate pace that was broadly similar to May. New orders expanded sharply, with the rate of rise among the strongest since February 2021. Also, output went up the most in 1-1/2 years, while buying activity rose at the second-strongest pace in over 12 years. Delivery times improved further, as vendor performance strengthened the most in 8-1/2 years. Capacity pressures remained mild, with backlogs of work increasing for the 18th month in a row but only slightly. On prices, input cost inflation was among the lowest in three years. However, output charge inflation hit its highest in 13 months. Finally, sentiment rose to a 6-month top, linked to forecasts toward growth prospects.
2023-07-03
India Manufacturing PMI Rises to 31-Month Peak
The S&P Global India Manufacturing PMI increased to 58.7 in May 2023 from 57.2 a month earlier, exceeding market forecasts of 56.5. This was the strongest improvement in factory activity since October 2020, boosted by strength of demand. Output growth was at a 28-month high; new orders expanded for the 23rd month running, with the rate of increase the steepest since January 2021; and both overseas orders and employment increased the most in six months. Meanwhile, the rate of backlog accumulation was slight, but the quickest in seven months. Further, increases in input buying sustained and boosted inventory growth. Average lead times on inputs shortened the most in 8-1/2 years. On inflation, cost burdens rose at a moderate rate that was well below its long-run average. However, selling price inflation hit a one-year high on the back of a supportive demand environment. Finally, sentiment touched a 5-month high, linked to publicity and demand resilience.
2023-06-01