India's manufacturing PMI fell in April after rising to an eight-month high in March.

　　The pace of growth in output and new orders, including from abroad, slowedduring the month. The slide in the order to inventory ratio suggests that upcomingindustrial production data may also be soft. Input prices inched up over the month,but producers did not pass all of it to consumers, resulting in some deteriorationin margins. The faint silver lining in today's data was consumer goods, whichcontinue to fare relatively well; and may get a shot in the arm, if monsoon rains arenormal, and rural demand recovers.