Indias manufacturing output zooms in October; here are reasons why
Easing Covid-19 restrictions and healthy market conditions on the back of higher demand accelerated India`s manufacturing sector growth in October. The period under consideration also coincides with the start of the festive season in India which traditionally sees higher off-take. In response to strong sales gains and softer containment measures related to the Covid-19 disease, firms lifted production at the strongest pace recorded since late 2007. Consequently, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers` Index (PMI) pointed to the strongest improvement in the health of the sector in over a decade. The growth was led by the intermediate goods category, but there were also robust expansions in the consumer and investment goods sub-sectors, cited the Manufacturing PMI report. Resultantly, the reading on the index showed a rise from 56.8 in September to 58.9 in October. Moreover, the upturn in sales was the strongest since mid 2008. New export orders likewise rose at a quicker pace, one that was the most pronounced in close to six years. --IANS rv/sn/arm The story has been taken from a news agency
Easing Covid-19 restrictions and healthy market conditions on the back of higher demand accelerated India`s manufacturing sector growth in October.
The period under consideration also coincides with the start of the festive season in India which traditionally sees higher off-take.
In response to strong sales gains and softer containment measures related to the Covid-19 disease, firms lifted production at the strongest pace recorded since late 2007.
Consequently, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers` Index (PMI) pointed to the strongest improvement in the health of the sector in over a decade.
The growth was led by the intermediate goods category, but there were also robust expansions in the consumer and investment goods sub-sectors, cited the Manufacturing PMI report.
Resultantly, the reading on the index showed a rise from 56.8 in September to 58.9 in October.
Moreover, the upturn in sales was the strongest since mid 2008. New export orders likewise rose at a quicker pace, one that was the most pronounced in close to six years.
The story has been taken from a news agency
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