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Financial News: India Manufacturing Growth Improves In January

India Manufacturing Growth Improves In January

02/01/2021 - 06:22:00 (RTTNews)

(RTTNews) - India's manufacturing sector grew at a faster pace in January, survey results from IHS Markit showed on Monday.

The headline IHS Markit manufacturing Purchasing Managers' Index, or PMI, rose to 57.7 in January from 56.4 in December.

Any reading above 50.0 indicates expansion in the sector. Economists had expected a score of 56.0.

New business inflows expanded at a faster rate in January, which was the quickest in three months, and output increased.

New export orders continued to increase in January with the pace of expansion solid and quickening from the previous month.

Jobs declined in January, though the pace of contraction was modest and the slowest in the ten-month sequence of reduction.

Stocks of purchases increased sharply in January. The quantity of purchases rose and the pace of expansion was the second-strongest in under nine years.

Backlogs of work rose for the ninth month in a row in January and suppliers delivery time increased.

Purchasing price inflation rose to the highest in twenty-eight months and factory gates charges rose at the quickest in over a year.

Business sentiment improved as vaccine roll-out increased budgets and projects in pipeline.

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