New Delhi, July 1 -- The June manufacturing purchasing managers' index (PMI) survey paints a mixed picture: cooling inflationary pressures, but slowing growth. The seasonally adjusted HSBC India Manufacturing PMI fell to a three-month low of 54.2 in June from 55 in May.

The final June reading was below the flash PMI estimate of 54.5. The headline PMI is a gauge of overall conditions derived from measures of new orders, output, employment, supplier delivery times and stocks of purchases. This time, the drag came from output and new orders. With the exception of March, rates of increase in both output and new orders were the weakest seen in four years, said the private survey report.

While several firms saw improved demand conditions, oth...