India PMI March 2023

India: Composite PMI declines slightly in March on slowing services sector

The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 58.4 in March, down from February’s 59.0. As a result, the index remained entrenched above the 50.0 no-change threshold, signaling a softer, albeit still strong, improvement in private sector operating conditions from the previous month.

Meanwhile, the Manufacturing PMI stood at 56.4 in March, up from February’s 55.3. Lastly, the Services PMI decreased to 57.8 in March (February: 59.4).

In the manufacturing sector, output and new orders grew at a faster rate. Employment was unchanged. Input inflation fell to the second weakest in two and a half years, and output inflation was stable below its long-run average. In the services sector, after expanding at the fastest pace in 12 years in February, output and new orders grew at slightly weaker rates in March. Output price inflation rose to a three-month high, potentially explaining the slight slowdown. More positively, input inflation in the sector fell to the lowest since September 2020. Finally, business sentiment fell in both sectors to an eight-month low.

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