New Delhi: The country's manufacturing sector activity in September remained unchanged amid subdued demand conditions both domestically as well as externally, a monthly survey said on Tuesday.
The IHS Markit India Manufacturing PMI was at 51.4 in September, unchanged from August and thereby posting its joint-lowest reading since May 2018.
This is the 26th consecutive month that the manufacturing PMI has remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
"We've seen the gradual slowdown in manufacturing sector conditions continue in the second quarter of fiscal year 2019/20, with the PMI average for the quarter at its joint-lowest since the same period in 2017," said Pollyanna de Lima, Principal Economist at IHS Markit.
The survey noted that business confidence sank to one of the lowest levels seen in over two-and-a-half years.
Some firms expect a pick-up in demand and investment in marketing to lift output in the year ahead, while others were concerned about competitive pressures and tough market conditions.