GK and monthly revision

India's June factory growth slips to second-weakest since mid-2022 as demand softens, PMI shows

In June 2023, India's manufacturing sector recorded its second-slowest growth in four years, attributed to a decline in demand for goods, which affected output and hiring. The Purchasing Managers' Index (PMI) indicated significant drops in new orders and export sales, particularly from European clients, leading to diminished business confidence. This trend signals potential challenges for the Indian economy, highlighting the need for policy responses to stimulate demand and sustain growth.