New Delhi, Dec 16 (UNI) The HSBC Flash India Composite Output Index fell to 58.9 in December from 59.7 in November, growing at its slowest pace since February, said data released by S&P Global on Tuesday.
This seasonally adjusted index tracks month-on-month changes in the combined output of the two sectors indicated a slower rate of expansion.
Both manufacturing and service sectors witnessed muted growth in business activity, the report said. The manufacturing sector logged its weakest improvement in the last two years as growth in output and new orders slowed in December. The index fell to 55.7 from 56.6 in November.
The data measures the combined performance of India’s manufacturing and services sectors. The overall growth remained strong, with the index staying well above the neutral mark.
Growth in new orders remained muted in December, but it continued to rise sharply amid reports of improving customer demand.
As per the S&P data, the rate of growth in new export orders accelerated in December and was at a three-month high. It said, Exporters enjoyed a strong demand from Australia, Bangladesh, Canada, Germany, the Middle East, Sri Lanka, the UK and the US. As per the report, confidence fell for the third straight month in December and is now at its lowest level since July 2022.
The fall in confidence mainly came from the services sector, while manufacturing companies felt slightly more positive.
India’s PMI falls to 58.9 in Dec, slowest pace since February
