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Financial News: India Manufacturing Growth Strongest In Over 2 Years

India Manufacturing Growth Strongest In Over 2 Years

01/02/2023 - 01:26:00 (RTTNews)

(RTTNews) - India's manufacturing sector ended 2022 on a strong note as activity expanded at the fastest rate in more than two years in December amid an acceleration of growth in output and demand, survey results from S&P Global showed on Monday.

The manufacturing Purchasing Managers' Index rose to 57.8 in December from 55.7 in November. A reading above 50 indicates expansion in the sector.

Further, this was the highest PMI score since October 2020.

In December, sales growth strengthened due to a resilient demand, with the rate of growth reaching its quickest level since February 2021.

At the same time, new export orders grew at the slowest pace in five months as companies struggled to secure new work from key export markets.

Growth in output accelerated to a 13-month high in December, thanks to strong overall demand.

By the end of the year, Indian goods producers had hired additional staff to deal with backlogs. Employment rose for the tenth successive month, but the rate of job creation was the slowest in three months.

On the price front, input cost inflation was contained, but selling prices grew solidly and quickly.

"Less challenging supply-chain conditions also supported the upturn. Delivery times were reportedly stable, which enabled firms to secure critical materials and boost their input stocks," Pollyanna De Lima, economics associate director at S&P Global, said.

Looking ahead, Indian manufacturers were optimistic about output expectations in the year ahead amid hopes of buoyant demand and fruitful advertising.

For comments and feedback: contact editorial@rttnews.com

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