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Financial News: India Manufacturing Sector Maintains Strong Growth Momentu

India Manufacturing Sector Maintains Strong Growth Momentum

09/01/2022 - 02:39:00 (RTTNews)

(RTTNews) - India's manufacturing activity continued to expand strongly in August, as output and new orders grew at the fastest pace in nine months amid a further slowdown in cost inflation, survey results from S&P Global showed on Thursday.

The S&P Global factory Purchasing Managers' Index dropped to 56.2 in August from 56.4 in July. However, any reading above 50.0 indicates expansion in the sector.

Production grew at the strongest pace since November last year, led by greater sales, recent efforts to enhance capacities, fewer COVID-19 restrictions and product diversification.

Growth in new orders also quickened to a nine-month high in August, underpinned by strengthening demand conditions, new client wins and fruitful advertising.

On the price front, overall input price inflation softened to a one-year low in August on falling commodity prices, especially aluminum and steel. There was only a moderate increase in output prices during the month.

Employment and stocks of purchases increased at a slower pace in August.

Business confidence strengthened in August to the highest level in six years amid expectations of stronger sales, new enquiries and marketing efforts.

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