India’s factory growth slowed to an eight-month low in September 2024, with the HSBC final India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, falling to 56.5 from 57.5 in August 2024. 

Despite weaker price increases and rising input cost inflation, the manufacturing industry experienced a decrease in growth, which affected the economy’s expansion rate. 

While the reading has been above the 50 mark since July 2021, new orders grew weakest since December, and international demand and export growth eased. Business sentiment soured slightly, and employment generation eased to a six-month low. 

Input cost inflation increased, but prices charged were at a five-month low, indicating not all price rises were being passed on to customers. 

Despite inflation falling below the Reserve Bank of India’s (RBI) target, the central bank is expected to keep interest rates on hold in October 2024 and start cutting from December 2024.

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