TOKYO -- The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, eased in October, pointing to a stagnation of activity in the manufacturing sector.
The composite indicator of manufacturing performance stood at 50.3 in October, down from 51.2 in September.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
"Disappointingly, manufacturing production rose at the weakest pace in the current sequence of growth," said Aashna Dodhia, Economist at IHS Markit, which compiles the survey. "Inflows of new orders stagnated as the negative effects arising from the implementation of GST (goods and services tax) continued to dampen demand levels. Furthermore, overseas demand for Indian goods dipped to the greatest extent since September 2013," Dodhia said.
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