India

India PMI November 2023

India: Composite PMI falls to one-year low in November

The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 57.4 in November, down from October’s 58.4. November’s result marked the weakest reading since November 2022. As such, the index moved closer to the 50.0 no-change threshold, signaling a softer, albeit still strong, improvement in private sector operating conditions from the previous month.

Looking at a breakdown by sector, the Manufacturing PMI clocked in at 56.0 in November, up from October’s 55.5. Lastly, the Services PMI decreased to 56.9 in November (October: 58.4).

In the manufacturing sector, output, employment and new orders grew at faster rates than in the prior month. Meanwhile, both input and output inflation eased and business optimism weakened.

In the services sector, output, employment and new orders grew at slower paces than in the prior month. Meanwhile, both input and output inflation cooled and business optimism declined.

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