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New orders push mfg PMI to 31-mth high
Manufacturing activities in India advanced further and touched a 31-month high in May supported by stronger increase in new orders and favourable...
Manufacturing activities in India advanced further and touched a 31-month high in May supported by stronger increase in new orders and favourable market conditions, which in turn generated more employment opportunities, a monthly survey said on Thursday.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose from 57.2 in April to 58.7 in May, indicating the strongest improvement in the health of the sector since October 2020. The May PMI data pointed to an improvement in overall operating conditions for the 23rd straight month. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contraction.
“The PMI's spotlight on soaring sales showcases robust demand for Indian-made products both domestically and internationally. While the upturn in domestic orders strengthens the foundations of the economy, rising external business foster international partnerships and boost India’s position in the global market. Combined, they also generated more employment opportunities in May,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.
Companies registered the quickest expansion in international sales for six months, the survey said. As per the report, the surge in sales paved the way for stronger increases in production, employment and quantities of purchases. With supply chain-conditions improving further, companies noted a record accumulation in input inventories, it added.