The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index, fell from 54.2 in June to 53.5 in July — the lowest since August 2021 and below the long-run series average of 54.2. The HSBC India Manufacturing Purchasing Managers’ Index (PMI) is a gauge of overall conditions derived from measures of new orders, output, employment, supplier delivery times and stocks of purchases. In the Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction. “The suppliers’ delivery times index rose in July, an encouraging sign that supply chain delays are continuing to unwind. The HSBC India Manufacturing PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.