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New work orders boost production growth in Oct
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SME Times News Bureau | 01 Nov, 2021
Healthy demand conditions boosted the growth of India's manufacturing industry in October.
The
headline seasonally-adjusted IHS Markit India Manufacturing Purchasing
Managers' Index (PMI) rose to 55.9 (index reading) in October as against
a reading of 53.7 in September.
The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
Last month's seasonally adjusted IHS Markit India Manufacturing PMI was in expansion territory for the fourth month in a row.
Besides, the latest figure pointed to the strongest improvement in overall operating conditions since February.
"Manufacturing
sector growth in India gained steam in October as companies scaled up
production in line with a substantial upturn in new work intakes. Firms
stepped up input purchasing amid stock-building efforts and in
anticipation of further improvements in demand, while business optimism
hit a six-month high," the PMI report said.
"Panellists continued
to report rising prices for several materials and transportation, with
overall input costs increasing at the sharpest rate since February 2014.
Subsequently, selling charges were lifted again."
Furthermore,
the survey noted strong growth of both sales and production in each of
the three broad areas of the manufacturing sector.
Particularly, the rise in intermediate goods was the sharpest.
Additionally, a notable pick-up in international demand for India's "goods" was noticed.
"New export work rose at a solid pace that was the quickest in three months."
IHS
Markit Economics Associate Director Pollyanna De Lima said:
"Manufacturing sector growth in India continued to gather momentum, with
October data showing notably quicker expansions in new orders,
production and input purchasing."
"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. Upbeat business confidence and projects in the pipeline should
also support production in the coming months."
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Import |
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US Dollar
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As on 13 Aug, 2022 |
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