bengaluru july 1 reuters  indias factory output expanded at its slowest pace in nine months in june as elevated price pressures continued to dampen demand and output according to a private survey which also showed business confidence was at its lowest in over two years although inflation eased in may to 704 after touching an eightyear high of 779 in april a meaningful decline is not seen anytime soon even as the reserve bank of india is expected to continue with aggressive rate hikes read more while the manufacturing purchasing managers index inpmieci compiled by sp global remained resilient it fell to a ninemonth low of 539 in june from mays 546 lower than the reuters poll median prediction of 545 it has been above the 50level separating growth from contraction for a year indicating growth in the sector has remained solid the indian manufacturing industry ended the first quarter of fiscal year 202223 on a solid footing displaying encouraging resilience in the face of acute price pressures rising interest rates rupee depreciation and a challenging geopolitical landscape noted pollyanna de lima economics associate director at sp global market yet there was a broadbased slowdown in growth across a number of measures such as factory orders production exports input buying and employment as clients and businesses restricted spending amid elevated inflation new orders and output grew at their weakest rate since september last year and firms hired at a slower pace in june however a subindex tracking delivery times of goods was above the 50mark for the first time since february 2021 and at its highest in nearly three years signalling an easing in supply chain pressures that partly helped both input and output prices which increased at a slower rate last month but a respite from the cost of living crisis still looks a distant possibility indeed business optimism declined to its lowest since the onset of the pandemic over two years ago