Heatwave scorches manufacturing output in May
Companies witnessed reduced working hours in May amid an intensive heatwave in India that sent temperatures soaring to record highs.
Companies witnessed reduced working hours in May amid an intensive heatwave in India that sent temperatures soaring to record highs.
The latest PMI reading remains above its long-run average of 53.9.
With June inflation numbers out, the first quarter average retail inflation for 2023-24 stands at 4.6%, in line with RBI’s estimates
S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose from 57.2 in April to 58.7 in May
The manufacturing sector grew 3.2% in July, power generation rose 2.3%, while mining output contracted 3.3% during the month under review, the NSO data showed.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was little-changed from July's reading of 56.4, posting 56.2 in August.
The survey reveals that 54.8% respondents reported higher production levels in Q1 (April-June 2022-23), with an average expectation of increase in production by over 10%.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell to 54.6 in May from 54.7 in April.
Companies continued to share these additional cost burdens with consumers in April, pushing the rate of inflation to its fastest level in one year.