TOKYO -- The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, fell to 52.4 in January, reflecting a slower growth after the index reached a 5-year high at 54.7 in December 2017.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
"Following December's stellar performance, growth in the Indian manufacturing economy lost some impetus, reflected by slower growth in output, new orders and employment. Nevertheless, these key PMI indicators registered in expansion territory signaling the sector stayed on its track to recovery," said Aashna Dodhia, economist at IHS Markit, which compiles the survey.
"New export orders increased at the strongest pace since September 2016. On the other hand, the Goods and Services Tax (GST) somewhat continues to remain a risk to business performance as firms faced further delayed payments," Dodhia said.
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