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Financial News: India Manufacturing Growth Highest In 8-1/2 Years

India Manufacturing Growth Highest In 8-1/2 Years

10/01/2020 - 06:13:00 (RTTNews)

(RTTNews) - India's manufacturing activity rose to the highest in over eight-and-a-half years in September on robust demand, survey results from IHS Markit showed on Thursday.

The headline IHS Markit manufacturing Purchasing Managers' Index, or PMI, rose to 56.8 in September from 52.0 in August. Economists had expected a modest improvement to 52.8. Any reading above 50 indicates expansion in the sector.

New business inflows increased in September, with the rate of expansion fastest since early-2012.

Total sales increased with the renewed expansion in new export orders in September.

Employment decreased for the sixth consecutive month and backlogs of work increased.

Purchasing activity increased due to greater production requirements in September. Input buying was the strongest in over eight-and-a-half years.

Inputs holding increased for the first time in six months in September and inventories of finished goods fell at a sharper rate.

On the price front, input costs rose at a softer pace in September and output charges broadly stabilized after falling for five months.

In the 12-months outlook, nearly one-third of the manufacturers expect the output to grow, resulting in the strongest degree of overall optimism in over four years.

"The Indian manufacturing industry continued to move in the right direction, with PMI data for September highlighting many positives," Pollyanna De Lima, economics associate director at IHS Markit, said.

"Due to loosened COVID-19 restrictions, factories went full steam ahead for production, supported by a surge in new work," the economist said.

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