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02 Nov, 2020
Manufacturing growth zooms to decadal high in Oct
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SME Times News Bureau | 02 Nov, 2020
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.
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