India's manufacturing sector continues with robust performance in Nov on easing price pressures: Survey

India's manufacturing sector continued to perform robustly in Nov, with output regaining momentum due to strengthening demand & easing price pressures. S&P Global India Manufacturing PMI rose to 56, the lowest inflation rate in 40 months. Firms' new orders & recruitment remained on an upward path, indicating strong performance in 2024.

India's manufacturing sector continued with its robust performance in November, mainly on the back of substantial easing in price pressures and strengthening demand from clients, a monthly survey said on December 1.

The strong performance of the manufacturing sector is expected to continue in 2024 as well.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose to 56 last month from the eight-month low level of 55.5 recorded in October.

"A key feature of the latest results was a substantial easing of price pressures. Although average purchasing costs rose again, the rate of inflation eased to the lowest in the current 40-month sequence of increases and was negligible by historical standards," it said.

Also Read | GDP surges 7.6% in Q2, goes past RBI forecast

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said India's manufacturing industry maintained its robust performance in November, with output regaining growth momentum.

Firms' ability to secure new business, both domestically and from abroad, remained central to the success of the sector. Sustained new order growth continued to be good news for the sector's labour market, with recruitment remaining on an upward path, Ms. De Lima noted.