Financial News: India Manufacturing Activity Growth Gains Momentum

India Manufacturing Activity Growth Gains Momentum

11/04/2024 - 00:46:00 (RTTNews)

(RTTNews) - India's manufacturing sector growth accelerated in October as rising new orders lifted production and confidence, data compiled by S&P Global showed on Monday. The HSBC final manufacturing Purchasing Managers' Index rose to 57.5 in October from an eight-month low of 56.5 in September.

The flash reading was 57.4. A score above 50.0 indicates expansion.

The upturn in the sector was underpinned by stronger demand for goods. Respondents said the introduction of new products and successful marketing initiatives helped enhance sales performances.

Export orders showed stronger growth after the weakest uptick in a year-and-a-half in September. Manufacturers ramped up production with faster increases in the consumer and investment goods. Regarding prices, the survey showed that input price inflation rose to a three-month high though it remained below its long-run trend. Output prices grew at the solid pace that outpaced the series trend.

Manufacturers hired extra staff at a greater degree than in September. Further, there was the first decline in backlogs in over a year.

There was further increase in purchases on the back of improving demand. Meanwhile, input delivery times shortened for the eighth straight month. The survey showed another substantial rise in pre-production inventories.

Finally, manufacturers became more optimistic regarding future output volumes. The level of positive sentiment was above the average seen over the 13-and-a-half-year series history.

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