The decline has been attributed to a sharp decrease in new export business received during month. Panellists cited a softening in global economic conditions as the main contributor to the fall in new orders received from export markets
India's factory output, as measured by the HSBC Purchasing Managers' Index (PMI), fell to 52.6 in August, down from 53.6 in July. The latest reading was the fourth successive moderation in the headline index.
The HSBC India Manufacturing PMI is based on data compiled from a survey of purchasing executives in over 500 manufacturing companies.
The decline has been attributed to a sharp decrease in new export business received during month. Panellists cited a softening in global economic conditions as the main contributor to the fall in new orders received from export markets. This contributed to a further slowdown in the growth rate of overall new work intakes, which was the weakest in the current 29-month sequence of expansion.
The August number signalled a marginal reduction of employment in the country's manufacturing sector, in contrast to the modest increase recorded in July. Anecdotal evidence suggested a more cautious approach to hiring given softer growth of new business.
Input prices continued to rise substantially, with the rate of cost inflation the fastest in four months. Higher raw material prices were cited as the main driver of the increase in input costs. Output prices continued to rise at a historically marked rate, despite slowing marginally since July.
Commenting on August data, Leif Eskesen, chief economist for India & ASEAN at HSBC said: "The growth momentum in India's manufacturing sector eased further in August mainly on account of a significant contraction in export orders, which are facing stiff global economic headwinds. Inflation pressures still remain elevated, with input prices accelerating and output prices still trekking up, albeit at a marginally slower pace. Overall, the numbers suggest a moderation rather than a collapse in growth, and they confirm that inflation remains the primary policy concern."
The ads are so dull and witless; you’d rather watch paint dry on a wall. The least they ought to have done was to make the stories very funny and interesting
Oh, no! Kotak Mahindra Bank is celebrating 25 years of its existence all over again. And they are back with some really irritating TV commercials. In fact, many of them. This time the pitch is: 'Money ka matlab'. As in, what does money mean to you? And as in the past, their cameraman goes around asking all sorts of very boring people what money means to them.
I had to go through the misery of watching a few. One shady broker provides a massive insight: Money makes more money. Wow, had no clue! Another one features a housewife who took all stray dogs and cows off the streets and started her own animal farm. Yeah, right. My neighbour got bitten by a stray doggie last night. How do I contact this lady? An old gent in another ad declares money isn't God. But that it isn't any lesser. Sure, sir. Dad told me this when I was two years old. Let me enthral you with one more, but there are plenty of these lovelies on air. A young lass has designed a weekend resort for dog owners. Cool. Guess now the poop won't be left in the community dining hall.
What foxes me is this: Kotak Mahindra turned 25 last year. And they celebrated that moment by running a series of similar ads, where they asked the junta what they did when they were 25. So how come a year later the company is still 25? I thought only certain women lie about their age.
Anyway, the ads were painful last year. And they continue to be painful now. Well, at least you can't accuse Kotak Mahindra of being inconsistent in their communication. The same problems continue. If they have turned 25 years old, what's in it for me, the consumer? How does that change my life? Also, why should I care a damn what money means to other people? They can think what they want, and it will only matter to me if these guys credited my account with some of their dosh.
And to make matters worse, the ads are so dull and witless, you'd rather watch paint dry on a wall. The least they ought to have done was to make the stories very funny and interesting. So at least as viewers, we would have been able to smile a bit. Right now, all you want to do is demolish the TV set.
So dear Kotak Mahindra, congrats on turning 25. Yet again. But please restrict the celebrations to within the four walls of your corporate office. I don't know what money means to you, but you will end up saving lots of it.