Factory activity rebounds in Jan

India’s manufacturing activity ticked up in January after slipping to a two-year low a month earlier, but business confidence sank to its weakest level in more than three years, a private survey showed.

- Rituraj Baruah

The HSBC India Manufacturing PMI rose to 55.4 in January from 55.0 in December.

(REUTERS)

India’s manufacturing activity ticked up in January after slipping to a two-year low a month earlier, but business confidence sank to its weakest level in more than three years, a private survey showed.

The HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 55.4 in January from 55.0 in December, according to data compiled by S & P Global. The PMI has stayed above the 50.0 threshold, which separates growth from contraction, since July 2021.

Confidence among manufacturers, however, fell to a three-and-a-half-year low, with just 15% of companies surveyed expecting output growth in the year ahead and 83% forecasting no change.