New Delhi, Sept. 1 -- India's manufacturing sector lost further momentum in August, with factory activity expanding at its slowest pace in five years as weaker demand weighed on new orders and production, according to the HSBC India Manufacturing Purchasing Managers' Index (PMI) survey released on Tuesday.
The seasonally adjusted HSBC India Manufacturing PMI slipped to 52.8 in August from 53.5 in July, marking the third straight monthly decline. The reading was also below the survey's long-term average of 54.2, pointing to a continued moderation in the pace of expansion.
A PMI reading above 50 indicates growth, while a reading below 50 signals contraction.
New business continued to rise in August, but the pace of growth slowed to its wea...