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Manufacturing activity remained in the positive for the eighth consecutive month in March but fell to a five-month low, a private survey showed on Tuesday. The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) fell from 52.1 in February to a five-month low of 51.0 in March. A reading above 50 on the index shows growth, while one less than that denotes contraction.
"This indicated the slowest improvement in operating conditions recorded by the survey since last October," Nikkei said in a release. While output and new orders continue to rise in March, though at a slower pace, job creation fell for the first time in eight months. The data comes ahead of the monetary policy review this week, where the Reserve Bank of India is expected to hold rates.
"Amid a slower expected pace of recovery in consumer spending, IHS Markit marginally downgraded its real GDP forecast to 7.3 per cent for fiscal year 2017/2018," said Aashna Dodhia, Economist at IHS Markit and author of the report.
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