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We at FxWirePro, have been arguing for quite some time now that optimism surrounding India is outpacing hard facts that manufacturing is really not growing at commendable pace, which tints the image of 'Make in India' campaign, initiated by Prime Minister Narendra Modi, in his bid to make India, key manufacturing hub in Asia.
While optimism is high, some reforms to ease to do business has been achieved and companies indicated their intention to invest, the hard data is hardly showing progress.
According to latest report from Markit Economics,
- Though manufacturing growth is up for 25 consecutive months, pace of growth is slowing steadily due to slower increase in new businesses and falling output. Headline PMI, dropped to lowest in 25 months to 50.3 in November, fourth consecutive monthly drop.
- Moreover, cost inflation has reached strongest level since May.
Last night, India reported its third quarter GDP growth at 7.4%, which is a major improvement from second quarter GDP growth of 7%.
However, manufacturing growth in India is much weaker than overall growth in GDP.
India's benchmark stock index, nifty is current ly trading at 7955, up 0.25% for the day, while Rupee is trading at 66.5 per Dollar.
