India's manufacturing activities remain strong in October: survey

New Delhi Manufacturing activities in India remained robust and price pressures were contained in Oc

Manufacturing activities in India remained robust and price pressures were contained in October as new orders and production rose at a slower but stronger pace, according to a monthly survey released on November 1.

The seasonally-adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) was up from 55.1 in September to 55.3 in October.

The October PMI data pointed to an improvement in overall operating conditions for the 16th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contraction.

“The Indian manufacturing industry again showed signs of resilience in October, with factory orders and production rising strongly despite losing growth momentum,” Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said.

Firms were able to secure additional work in October, taking the current sequence of growth to 16 months, the survey said, adding that overall, factory orders increased at an above-trend pace that was nonetheless the weakest since June.

Looking ahead, Indian manufacturers remained confident of a rise in production volumes by October 2023. Predictions of better sales and marketing efforts were among the reasons cited for upbeat projections.

“Manufacturers continued to loosen the purse strings as they expect demand buoyancy to be sustained in coming months.