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Financial News: India Manufacturing Growth Rises In October

India Manufacturing Growth Rises In October

11/01/2021 - 06:05:00 (RTTNews)

(RTTNews) - India's manufacturing growth increased for the fourth month in a row in October, survey results from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index rose to 55.9 in October from 53.7 in September. A reading above 50.0 indicates expansion.

The latest reading was the strongest since February.

New orders increased further in October and factory output rose at a sharper pace that was strongest since March. Both sales and production grew.

Total new orders rose and new export work increased at a solid pace in October. Quantities of purchase rose at the fastest rate since April.

Input cost inflation accelerated to the highest in ninety-two months and output charges increased in October.

Backlogs of work declined in October and employment continued to fall.

The overall degree of optimism strengthened to the highest in six months.

"With companies gearing up for further improvements in demand by building up their stocks, it looks like manufacturing activity will continue to expand throughout the third quarter of fiscal year 2021/22 should the pandemic remain under control," Pollyanna De Lima, economics associate director at IHS Markit, said.

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