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Charts & Analysis

April 2012 Composite PMI Holds Up at 53.8

The April 2012 HSBC-Markit Purchasing Managers Index (PMI) Composite index for India comes in at 53.8, unchanged from last month. (The Manufacturing PMI was 54.9 while Services PMI was 52.8)

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The implication is that growth hasn’t stalled and that inflation risks remain high, so RBI won’t continue with the rate cuts. But just one rate cut after 13 hikes? Well, time will tell.