India’s manufacturing growth slowed to a 12-month low in December, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, slipping to 56.4 from 56.5 in November. While still above the 50-point threshold signalling expansion, it marked the slowest growth rate in 2024 due to softer increases in production, orders, and inventories. Job creation rose at its fastest pace in four months, with one in ten companies hiring additional staff. Cost pressures eased but charge inflation remained elevated.

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