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.
