Indian manufacturing growth registers rise for October

0
India Flag
Credit: Nishant Vyas/Pexels

Indian 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 their fastest rate since April. Input cost inflation accelerated to the highest in 92 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.

Send your news stories to [email protected] and via WhatsApp on +233 244244807
Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here