India's PMI declines to 50.1
Updated: Jun 03, 2013 04:07:08pm
New Delhi, Jun 3 (KNN) Industrial production of India has declined for the first time in four years showing a negative outlook for the economy.
Top banking institution HSBC which makes predictions for world economy has reduced India’s Manufacturing Purchasing Index from 51.0 in April to 50.1 in May.
However, despite the contraction the PMI has been above the psychological mark of 50.
Asia's third largest economy grew at its slowest pace in a decade in the fiscal year that ended in March.
"Economic activity in the manufacturing sector slowed further in May as output contracted in response to softer domestic orders," said Leif Eskesen, an economist with survey sponsor HSBC.
India's economic growth slowed to 4.8 per cent in the January-March quarter and fell to a decade's low of 5 per cent for the entire 2012-13 fiscal due to poor performance in farming, manufacturing and mining, the Central Statistical Organisation said on Friday. (KNN)
Top banking institution HSBC which makes predictions for world economy has reduced India’s Manufacturing Purchasing Index from 51.0 in April to 50.1 in May.
However, despite the contraction the PMI has been above the psychological mark of 50.
Asia's third largest economy grew at its slowest pace in a decade in the fiscal year that ended in March.
"Economic activity in the manufacturing sector slowed further in May as output contracted in response to softer domestic orders," said Leif Eskesen, an economist with survey sponsor HSBC.
India's economic growth slowed to 4.8 per cent in the January-March quarter and fell to a decade's low of 5 per cent for the entire 2012-13 fiscal due to poor performance in farming, manufacturing and mining, the Central Statistical Organisation said on Friday. (KNN)
Loading...
