The India Purchasing Managers' Index (PMI), jointly released by S&P Global and HSBC, showed the seasonally adjusted manufacturing PMI for December of 56.4, revised downwards from an initial 57.4, to the lowest level in 12 months, indicating a weak improvement in operating conditions with growth set for 2024 Smallest ever. The overall data is below November's 56.5 but still above the long-term average of 54.1, indicating a strong growth rate.

India's manufacturing output, new orders and purchasing inventory growth slowed, December data showed. However, growth rates remain high, supporting further expansion in purchasing levels and employment. At the same time, cost pressures are easing and moderating, but toll inflation remains at historically high levels.