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India’s manufacturing PMI rises to 57.5 in October
Industry News- Nov 05,24
About 10% of survey respondents reported increased staffing, while only 1% reduced jobs.
India’s manufacturing activity, as measured by the HSBC India Manufacturing Purchasing Managers’ Index (PMI), climbed to 57.5 in October, marking an improvement from September’s eight-month low, according to S&P Global. The final PMI reading slightly exceeded last week's flash estimate of 57.4, signalling renewed demand for goods.
The PMI, based on survey responses from about 400 purchasing managers, reflects broad improvements in operating conditions for India’s manufacturing sector, supported by expanding new orders and international sales. Pranjul Bhandari, Chief India Economist, HSBC, noted, “India’s headline manufacturing PMI picked up substantially in October, showcasing strong demand growth.”
October’s increase in order book volumes marked one of the highest levels in nearly 20 years, keeping the PMI above its long-term average of 54 and well above the 50 threshold indicating expansion. New export orders also rebounded, and manufacturing output, particularly in consumer and investment goods, saw solid gains. Inflationary pressures, however, continued, with input costs hitting a three-month high.
Hiring rose as manufacturers took on additional staff to meet demand, with employment gains surpassing those in September. About 10% of survey respondents reported increased staffing, while only 1% reduced jobs. Firms also expanded their inventories to match demand, aided by shorter supplier delivery times. October’s inventory accumulation was one of the highest recorded in the last 20 years.
Bhandari added, “Persistent inflationary pressures in materials, labour, and transport costs have led to rising input and output prices. However, business confidence remains high, driven by expectations of strong consumer demand and new product launches.” The HSBC services PMI data, along with the composite PMI reflecting both manufacturing and services, is scheduled for release on November 6.
(Hindustan Times)
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