India PMI January 2022

India: Private-sector PMI eases substantially in January

The composite Purchasing Managers’ Index (PMI) produced by IHS Markit dipped from 56.4 in December to 53.0 in January. Consequently, the PMI moved closer to the 50-threshold, indicating a slower expansion in business activity from the previous month.

The services PMI decreased to 51.5 in January from 55.5 in December, as weaker growth in new orders and output, and falling employment levels weighed on the reading. Moreover, on the manufacturing side, the PMI slipped from 55.5 in December to 54.0 in January, due to expansions in output and new orders softening to four-month lows. The new wave of Covid-19 cases at the start of the year was noted as a key drag on both the services and manufacturing sectors.

Commenting on the latest PMI data, Pollyanna De Lima, economics associate director at IHS Markit, said:

“The escalation of the pandemic and reintroduction of curfews had a detrimental impact on growth across the service sector. Concerns about how long the current wave of Covid-19 will last dampened business confidence and caused job shedding. Firms were also alarmed about price pressures.”

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