by 
New Delhi:
Growth in India’s manufacturing sector slowed for the second month in a row in May, but the sector continued to expand as global sales rose the most in 13 years. This has been revealed in the monthly survey announced on Monday. The index hit a 16-year high of 59.1 in March.
Under the Purchasing Managers’ Index (PMI), an index above 50 indicates an expansion in manufacturing activities, while a figure below 50 indicates a contraction.
HSBC Global Economist Maitreyi Das said, “The manufacturing sector continued to expand in May, albeit at a slower pace due to a slowdown in new contracts and output.” A reduction in working hours and an increase in production costs are being reported.
According to the survey, growth has been hampered by competition and election-related constraints. In contrast to the overall sales trend, new export contracts rose sharply in May.
The jump in international sales was the largest in 13 years, as manufacturers benefited from customers in many countries in Africa, Asia, the Americas, Europe and West Asia, and the production area has expanded since data collection began in March 2005. The highest increase was seen in employment.
The HSBC India Manufacturing PMI is prepared by S&P Global based on responses to a questionnaire sent to purchasing managers across a group of nearly 400 companies.
