According to a survey, India’s manufacturing activity in December grew at its slowest pace of 2024 due to softer demand despite easing costs and strong job growth.

India’s manufacturing activity slowed in December, with the PMI falling to 56.4, the weakest since December 2023, below an early estimate of 57.4.

Manufacturing has sustained growth for over three-and-a-half years despite the slower pace, staying above the 50-mark that separates growth from contraction.

New orders and output rose but at a slower rate, with the annual growth in new orders hitting its weakest level in 2024, signalling softer future production.

Exports improved, growing faster in five months due to higher demand from Asia, Australia, Europe, and the Americas.

Job growth in manufacturing hit its fastest rate since August, marking 10 consecutive months of hiring.

Manufacturers benefited from slower cost rises, allowing some relief for clients, while demand resilience maintained pricing power.

Business sentiment weakened due to inflation concerns and competitive pressures despite strong overall performance in 2024.

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