Cost pressures, India-Pak conflict slow mfg in May

Curbed by cost pressures, fierce competition and the India-Pakistan conflict, India's manufacturing activity decelerated in May to grow at its slowest pace in three months, a private survey said on Monday.

- SHIVA RAJORA

The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 57.6 in May from 58.2 in April.

A figure above 50 denotes expansion in manufacturing activity while below that signifies contraction. The headline figure has been in the expansion zone for the 47th month running.

"May data indicated another robust improvement in business conditions across India's manufacturing industry. Although rates of increase in new orders and output retreated to three-month lows, they remained well above their respective long-run averages," said the survey.