Key Points
The S&P Global India Manufacturing Purchasing Managers Index (PMI) surged to a 31-month high of 58.7 in May, with factory orders rising at the fastest clip since January 2021 and producers accumulating inputs at an unprecedented pace thanks to lower costs...
While input costs remained historically mild, S&P Global said its survey of about 400 firms that forms the basis of the index, showed that producers raised selling prices at a solid and quicker rate in May that was the highest in a year.According to [survey] panellists, sustained increases in input costs and a supportive demand environment led them to lift their charges, the firm said.. Overall business confidence levels about growth prospects continued to improve after hitting an eight-month low in March, to hit a five-month high in May, with firms ascribing their upbeat mood to publicity and demand resilience...
Pollyanna De Lima, economics associate director at S&P Global Market Intelligence said the soaring sales captured in the PMI showcased robust demand for Indian goods at home and overseas, which also generated more employment opportunities in May..
While improvements in supply chains and generally subdued global demand for inputs helped curb input price inflation in May, heightened demand and previously absorbed cost burdens translated into a stronger upward revision to selling charges..
You might be interested in
India's manufacturing activity eases marginally in September
03, Oct, 23The Manufacturing Purchasing Managers' Index INPMI=ECI, compiled by S&P Global, fell to 57.5 last month from 58.6 in August.
Manufacturing PMI at three-month high in March: S&P Global PMI
03, Apr, 23The seasonally adjusted PMI reading moved up from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023 so far
Services PMI eases a tad in March
06, Apr, 23At the composite level, private sector output in India increased for the twentieth successive month in March, even though the S&P Global India Composite PMI Output Index fell from 59 in February to 58.4 in March.
India's March manufacturing activity hits 3-month high even as job cuts resume
03, Apr, 23India's manufacturing sector expanded at its quickest pace in three months in March on improved output and new orders, although firms shed jobs for the first time in over a year, a private business survey showed. The Manufacturing Purchasing Managers' Index compiled by S&P Global increased to 56.4 in March from February's 55.3
Mfg growth cools in Sep; higher rates may keep it lower for longer
03, Oct, 23Looking ahead, domestic demand may see some pressure with higher interest rates still feeding into the economy. This could hurt growth in the manufacturing sector in the coming months.
Manufacturing activity climbs to five-month high of 56.9 in February
01, Mar, 24In February, manufacturing activity in India reached a five-month high due to increased new export orders and sustained domestic demand. The HSBC India Manufacturing Purchasing Managers Index rose to 56.9, with new export orders hitting a 21-month high. External demand was driven by countries like Australia, Bangladesh, Brazil, Canada, China, Europe, Indonesia, the US, and the UAE.
India's manufacturing PMI shows steady growth in February
22, Feb, 24India Business News: The February PMI data pointed to an improvement in overall operating conditions for the 20th straight month. In PMI parlance, a print above 50 means e
India’s manufacturing sector activity falls to 8-month low in Oct on softer rise in new orders: PMI
01, Nov, 23The seasonally adjusted S&P Global India Manufacturing Purchasing Manager’s Index (PMI) slipped from 57.5 in September to 55.5 in October, the slowest rate of expansion since February. Manufacturing activities in India decelerated in October as new orders increased at the slowest pace in a year, triggering a softer rise in output and employment, a monthly survey said on Wednesday.
Diversification of supply chains to be critical for global growth: FM Sitharaman at B20 India
26, Aug, 23It's an old wisdom that putting all eggs in one basket is not enough, the FM added.