The Nikkei India Manufacturing Purchasing Managers Index (PMI) fell to 52.1 in February from 52.4 in January, indicating a modest improvement in operating conditions. In contrast to the trend for output, growth in new orders quickened since January.
Output grew at the quickest pace since the survey began in March 2000, underpinned by further rapid increase in new orders.
Factory order growth was the strongest since November, and 56 percent of manufacturers expect to raise production over the coming year - close to January's two-year high - versus 6 percent who forecast a decline. While firms associated the rise in output with improved economic conditions, the growth rate was marginal.
Last month, Indonesian manufacturing companies modestly raised production levels for the first time in three months.
"Other reasons for increased buying activity included higher sales as well as efforts to build buffer stocks, according to anecdotal evidence", IHS Markit/Nikkei said.
However, faster growth in purchasing failed to translate into a larger build-up in input inventories.
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United Kingdom manufacturing also lost a bit of steam in February, with growth slipping to an eight-month low.
Improving business conditions in Southeast Asia's largest economy made manufacturing companies decide to add staff-members, hence payrolls rose for the first time in almost a year-and-a-half. "While firms generally commented on voluntary leavers, there were reports of layoffs as part of cost-saving measures", IHS Markit/Nikkei said.
Meanwhile, the IHS Markit survey noted the effects of the Tax Reform for Acceleration and Inclusion (TRAIN) Law on the sector. However, cost pressures intensified amid rupiah weakness.
In response, average charges for manufactured goods also rose at a survey-record rate. Where employment increased, this was mainly linked to higher output requirements.
The exact trigger for the past months' slowdown, just over a year before Britain leaves the European Union in March 2019, was unclear, and IHS Markit said there were some brighter signs for the future.
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