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Financial News: India Manufacturing Growth Highest In 8 Years

India Manufacturing Growth Highest In 8 Years

02/03/2020 - 04:04:00 (RTTNews)

(RTTNews) - India's manufacturing sector growth was the highest in eight years in January, led by strong gains in new business and production as well as job creation, survey results from IHS Markit showed on Monday.

The headline IHS Markit manufacturing Purchasing Managers' Index, or PMI, increased to 55.3 in January from 52.7 in December. Any reading above 50 indicates expansion in the sector.

Among sub-sectors, consumer goods remained the leader, while growth was sustained in intermediate goods. Capital goods production returned to growth.

Companies reported the strongest upturn in new business in over five years. The total sales rose due to strengthening demand from external markets, which was the fastest increase since November 2018.

Production grew in January and the rise was the strongest in over seven-and-a-half years, with the rate of expansion higher than its long-run average.

Goods of finished products decreased sharply in January, while holdings of raw materials and semi-finished items rose at the beginning of the year. The accumulation was the first in six months and the most marked since May 2017.

Input stocks purchases increased for the second month in a row in January. Hiring rose as firms increased the employment at the quickest rate in nearly seven-and-a-half years. The unfinished business remained unchanged.

On the price front, both the input costs and factory gate charges increased at a slower pace in January. The rate of charge inflation increased for the third month in a row.

"Companies also benefited from subdued cost pressures, which enabled them to restrict increases in their fees to some extent", Pollyanna de Lima, principal economist at IHS Markit, said.

"To complete the good news, there was also an uptick in business confidence as survey participants expect buoyant demand, new client wins, advertising and product diversification to boost output in the year ahead."

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