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Financial News: India Manufacturing Growth At 5-Year High

India Manufacturing Growth At 5-Year High

01/02/2018 - 00:22:00 (RTTNews)

(RTTNews) - India's manufacturing activity expanded at the sharpest pace in five years in December, driven by strong growth in output and new orders, survey figures from IHS Markit showed Tuesday.

The Nikkei manufacturing Purchasing Managers' Index, or PMI, climbed to 54.7 in December from 52.6 in November. Any reading above 50 indicates expansion in the sector.

The overall upturn was supported by the sharpest increase in output and new orders since December 2012 and October 2016 respectively.

Consequently, Indian manufacturers upped their staffing levels in December and the rate of job creation was the strongest since August 2012.

On the price front, the introduction of the Goods and Services Tax continued to exert upward pressure on manufacturers' cost burdens in December.

Input cost inflation accelerated to an eight-month high, reflecting greater cost pressures. As a result, firms s raised their output charges for the fifth successive month.

"Challenges remain as the economy adjusts to recent shocks, but the overall upturn was robust compared to the trend observed for the survey history," Aashna Dodhia, Economist at IHS Markit, said.

"This outlook was shared by the manufacturing community as sentiment picked-up to the strongest in three months amid expected improvements in market conditions over the next 12 months."

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