India's manufacturing growth slowed to a three-month low in May as intensive heatwave hampered production volumes leading to a softer rise in new orders and output. But the sector remained in expansionary territory in May.
The headline Purchasing Managers' Index (PMI) figure, released by HSBC on Monday, slipped to 57.5 in May from 58.8 in April.
"Companies indicated that working hours had been reduced amid an intensive heatwave, which somewhat hampered production volumes. New orders also mist at HSBC, said that the manufacturing sector remained in expansionary territory in May, albeit the pace of expansion slowed, led by a softer rise in new orders and output as panellists cited heatwave as a reason for lower work hours in May, which may have affected production volumes rose at a softer pace, but THE TRAJECTORY international sales Manufacturing PMI increased to the greatest extent in over 13 years," said the survey.
A figure above 50 in the index denotes expansion and that below signi- 55.4 fies contraction.
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