New Delhi: India's manufacturing sector expanded fastest in three months in November with the S&P Global India Manufacturing PMI at 55.7. In October, the index was 55.3.
The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. Demand resilience boosted manufacturing growth in India, with companies noting the quickest increases in new orders and production for three months, S&P Global said in a statement on Thursday.
Moreover, firms were strongly confident towards growth prospects, with optimism driving another round of job creation and restocking their shelves, said the statement.
"Companies also reported a notable improvement in international demand for their goods, with new export orders expanding at the second-fastest pace since May."
According to Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence: "India's manufacturing sector continued to perform well in November, besides heightened recession fears elsewhere and a deteriorating outlook for the global economy."
Pollyanna De Lima added it was business as usual for goods producers and new orders and exports expanded "markedly" during the month.
"Survey participants were also strongly confident in both the buoyancy of demand for their goods and their ability to further lift production in 2023. The level of positive sentiment recorded in November was the best in nearly eight years," Pollyanna De Lima said.