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Financial News: India Manufacturing Sector Growth Gains Momentum

India Manufacturing Sector Growth Gains Momentum

12/01/2021 - 01:42:00 (RTTNews)

(RTTNews) - India's manufacturing sector growth strengthened in November driven by the fastest upturn in production in nine months, survey results from IHS Markit showed on Wednesday.

The manufacturing Purchasing Managers' Index rose to 57.6 in November from 55.9 in the previous month. A score above 50.0 indicates expansion.

The index signaled the strongest improvement in the health of the sector for ten months. Moreover, the headline figure was well above its long-run average of 53.6.

Factory orders rose for the fifth successive month and at a sharp pace that was the fastest since February. Domestic market was the main source of sales growth. Output grew at the fastest pace in nine months.

Companies scaled up input buying, which in turn led to the second-quickest accumulation in stocks of purchases since data collection started nearly 17 years ago. Also, there were tentative signs of an improvement in hiring activity, following three successive months of job shedding.

On the price front, the latest results showed that input prices increased at a rate that was broadly similar to October's 92-month high. Companies transferred to their clients part of the additional cost burdens by lifting output charges. That said, the rate of inflation was only moderate.

Although manufacturers remained upbeat towards growth prospects, the overall level of positive sentiment slipped to a 17-month low.

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