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India manufacturing hits over 4-year low as China's rises
Published September 02, 2013
Published September 02, 2013
[NEW DELHI] India's manufacturing shrank for the first time in over four years in August, dealing a fresh blow to efforts to boost a slumping currency, figures showed Monday, as rival China's factory activity rose.
The India Purchasing Managers' Index (PMI), which gives a snapshot of manufacturing health from output to jobs, tumbled to an unexpected low of 48.5 in August from 51.1 in July, led by a slump in new orders.
The index from HSBC is seen as a leading signal of economic momentum. A reading over 50 spells expansion of activity while one below 50 suggests contraction.
The data comes amid fears India's once-booming economy could be on the cusp of a full-blown crisis.