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Financial News: India Manufacturing Growth Rises In May

India Manufacturing Growth Rises In May

06/03/2019 - 02:25:00 (RTTNews)

(RTTNews) - India's manufacturing growth improved in May as strengthening demand lifted production, employment amid rising business confidence, survey data from IHS Markit showed on Monday.

The headline Nikkei/IHS Markit manufacturing Purchasing Managers' Index rose to 52.7 in May from 51.8 in April. A score above 50 indicates expansion in the sector.

Factory orders were rising for the nineteen months and the pace of growth improved from April. Exports rose at the fastest pace in six months.

Manufacturing output grew the most in three months on rising new client wins, sales and improved technology.

As new works increased, factories added more employees, leading to the fastest growth in employment since February.

Input holdings remained unchanged with higher production volumes and stocks of finished goods declined with stronger demand.

Input cost inflation were higher during May, while the factory gate charges were stable.

"To assist with higher output needs, and benefit from relatively muted cost inflation, companies stepped up hiring and input purchasing," Pollyanna De Lima, principal economist at IHS Markit said.

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