India Manufacturing Growth Strongest In 3 Months

India’s manufacturing activity expanded at the fastest pace in three months, as output and new orders grew at sharper rates amid easing price pressures, survey data published by S&P Global showed on Thursday.

The manufacturing Purchasing Managers’ Index rose to 55.7 in November from 55.3 in September. A reading above 50 indicates expansion in the sector.

Both new orders and output rose at the strongest pace in three months. Demand strength and successful marketing efforts boosted overall sales.

There was a sharp upturn in output, which was above trend and the strongest since August.

Growth prospects were strong in November, driving more job creation and restocking for firms. Employment rose for the ninth straight month.

On the price front, the rate of input cost inflation declined to the joint-lowest level in 28 months, while the rate of charge inflation slowed to the slowest level since February.

“Survey participants were also strongly confident in both the buoyancy of demand for their goods and their ability to further lift production in 2023,” Pollyanna De Lima, economics associate director at S&P Global, said.

“The level of positive sentiment recorded in November was the best in nearly eight years.”