HSBC India Purchasing Managers’ Index slows down to 51.3 in April

04 May 2015 Evaluate

Following the solid readings seen in March, the Indian manufacturing economy recorded a growth slowdown during April on account of weaker pace of total new orders which led to companies reduce their staffing level and raising output to a lesser degree. Also, Job losses were reported for the second time in the year-to-date.

The headline HSBC India Purchasing Managers’ Index (PMI), compiled by Markit, although slowed to 51.3 in April from 52.1 in March, marked its eighteen month of expansion since a figure above 50 indicates that the sector is expanding, while a figure below that level means contraction. The slow expansion space of manufacturing companies came despite manufacturers reducing the selling price for the first time since May 2013.

The companies reduced these prices on the weaker rise in the cost of raw materials, despite this failed to attract new orders. Notably, an index monitoring new business, which highlights underlying demand, fell to 51.9 in april from 53.2, firms also reduced staffing levels last month.

However, demand from external markets remained strong, as the level of new export orders increased at a solid pace that was unchanged since the prior month, with companies reporting greater inflows of new business from key export clients, but in particular from those operating in Asia.

On the inflation front, input prices continued to rise in April, albeit at a slight and weaker rate, while the manufacturers slashed selling price in an attempt to secure new contracts. However, the rate of reduction was marginal overall. Lower factory gate prices were signalled by consumer and intermediate goods producers, whereas investment goods firms reported a rise in their output charges.

Thus, falling inflation and slowing manufacturing industry makes a strong case for India’s central bank to reduce their interest rates soon from the current 7.5%. Only lower interest rates and long waited economic reforms could spur the economic growth further.

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