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NEW DELHI: Manufacturing activity in the country recovered swiftly in November, after slowing to an eight-month low in October, led by rising demand as input cost inflation slipped to a 40-month low, a survey showed on Friday.
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 56 from 55.5, indicating a stronger improvement in operating conditions.The reading was below the average for the second fiscal quarter (57.9), but outpaced the series trend. The 50-point mark separates expansion from contraction and the survey is compiled from responses from questionnaires sent to 400 manufacturers.
The manufacturing sector has rebounded strongly after the crushing impact of the Covid-19 pandemic and latest GDP data showed the sector rose to a nine-quarter high of 13.9% in the July-September quarter of the current fiscal year.
A key feature of the latest results was a substantial easing of price pressures. Although average purchasing costs rose again, the rate of inflation eased to the lowest in the current 40-month sequence of increases and was negligible by historical standards, according to the survey.
The trend for new export business showed signs of resilience, despite weakening in November. New export orders rose for 20th month in a row, albeit at the slowest rate since June.
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 56 from 55.5, indicating a stronger improvement in operating conditions.The reading was below the average for the second fiscal quarter (57.9), but outpaced the series trend. The 50-point mark separates expansion from contraction and the survey is compiled from responses from questionnaires sent to 400 manufacturers.
The manufacturing sector has rebounded strongly after the crushing impact of the Covid-19 pandemic and latest GDP data showed the sector rose to a nine-quarter high of 13.9% in the July-September quarter of the current fiscal year.
A key feature of the latest results was a substantial easing of price pressures. Although average purchasing costs rose again, the rate of inflation eased to the lowest in the current 40-month sequence of increases and was negligible by historical standards, according to the survey.
The trend for new export business showed signs of resilience, despite weakening in November. New export orders rose for 20th month in a row, albeit at the slowest rate since June.
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