India's manufacturing sector slows down in September
India's manufacturing sector slowed down in September 2024, with growth hitting its weakest pace since May.
The PMI dropped to 57.7 from August's 59.3, as new orders and production cooled off and only a handful of companies hired more people.
Export orders are picking up
Even though local demand is feeling the heat from tough competition, export orders are picking up—especially from Asia, Europe, the Americas, and the Middle East—which is helping balance things out.
At the same time, manufacturers are dealing with their highest input costs in over a decade thanks to pricier labor and materials, so customers are starting to feel it too.
Still, business confidence is actually on the rise after recent GST cuts gave manufacturers something to look forward to—showing that even when growth slows down, optimism can stick around.