India's manufacturing sector concluded the year robustly, though experiencing its slowest growth in 2024 due to moderated increases in output, new orders, and purchase inventories, according to S&P Global data released on Thursday.
The HSBC final manufacturing Purchasing Managers' Index slightly declined to 56.4 in December from 56.5 in November, with a preliminary reading of 57.4. Nevertheless, a score exceeding 50.0 signifies expansion.
Output growth sustained a significant pace, albeit the slowest this year, driven by robust demand. Similarly, new order growth saw its slowest rate of increase this year. However, the expansion of new export orders accelerated to its fastest in five months, as companies successfully secured international contracts.
On the pricing side, input cost pressures eased somewhat, though selling price inflation remained high by historical standards in December.
Manufacturing employment experienced its fastest rise in four months, while a renewed drop was observed in post-production inventories.
Looking forward, manufacturers maintained optimism regarding output expectations for 2025, notwithstanding concerns related to inflation and competitive pressures.
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