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Financial News: India Manufacturing Growth Remains Robust In October

India Manufacturing Growth Remains Robust In October

11/01/2022 - 03:07:00 (RTTNews)

(RTTNews) - India's manufacturing activity logged a further strong expansion in October amid a sharp rise in employment and stocks of purchases, survey data published by S&P Global showed on Tuesday.

The manufacturing Purchasing Managers' Index rose slightly to 55.3 in October from 55.1 in September. A reading above 50 indicates expansion in the sector.

New orders grew at the slowest pace in four months, though at an above trend rate in October. New export orders also increased markedly.

Similarly, output growth eased to a 4-month low in October, albeit one that surpassed its long-run average. Enhanced technology and on-going improvements in demand contributed to growth.

On the price front, the increase in cost burdens was broadly similar to September's 23-month low, while the increase in selling charges moderated to the lowest level since February.

The Indian manufacturing industry purchased additional inputs in October in an effort to restock and fulfil increased sales.

Outstanding business volumes rose to the greatest extent in almost two years, indicating capacity pressures.

As a result, Indian manufacturers raised their employment levels at a marked rate that was one of the strongest since data collection started in March 2005.

Looking ahead, manufacturers remained confident about expected production in the next twelve months amid projections of better sales and marketing efforts.

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