India’s manufacturing PMI hits three-month high in November

12/02/2022

New Delhi, Dec. 2: India’s manufacturing sector activity rose to a 3-month high in November as new orders and exports expanded markedly in the latest month, according to a monthly survey.

According to the Indian Media, Posting 55.7 in November, up from 55.3 in October, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index signalled the strongest improvement in operating conditions for three months. The headline figure was also above its long-run average of 53.7.

This is for the 17th consecutive month that the index remained above the 50-point mark, which separates expansion from contraction. While the PMI is high, official data released on Wednesday revealed that the manufacturing gross value added (GVA) contracted by 4.3 per cent in Q2FY23.

The PMI survey, however, revealed firms were strongly confident towards growth prospects. Buying levels expanded at a marked and accelerated rate as firms also sought to benefit from relatively mild price pressures. Input cost inflation receded to the joint-weakest rate in 28 months, while charges rose at the slowest pace since February, the survey noted. “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, economics associate director at S&P Global Market Intelligence, said. 

Related News

Meeting of India-Nepal Inter-Governmental Committee on Trade, Transit and Cooperation

Kathmandu, Dec. 7: The Commerce Secretaries of Nepal and India co-chaired the meeting of the Inter-Governmental Committee (IGC) on Trade, Transit and Cooperation to Control Unauthorized Trade that was held through video conferencing today. Anup Wadhawan, Commerce Secretary, Government of India was accompanied by the Ambassador of India to Nepal…

Round-the-clock RTGS facility from midnight

New Delhi, Dec. 14: The Real Time Gross Settlement System (RTGS) for high-value transactions will become available round-the-clock from 00:30 hours Monday onwards, making India one of the few countries in the world to operate the system 24X7. In October, the RBI had announced that RTGS will be available round-the-clock…

EU-UK trade talks slog on past another Brexit deadline

Brussels, Dec. 21: Problems increased on Monday in the bid to put a trade deal between the European Union and the United Kingdom on the rails before a Brexit transition period ends on New Year’s Day, with the EU legislature insisting ever more it will not have time to vet…

Biden names Indian-American Bharat Ramamurti as National Economic Council member

Washington, Dec. 22: US President-elect Joe Biden on Monday named Indian American Bharat Ramamurti as the deputy director of the National Economic Council, which is the White House advisory agency to the President on domestic and global economic policymaking. Joelle Gamble, who is in the Biden-Harris Transition’s domestic economic policy…

UK plans to ban unhealthy ‘buy 1 get 1 free' food promos as part of anti-obesity drive

London, Dec. 29: The UK government has set out plans to ban unhealthy promotions on food and drinks high in fat, salt or sugar from April 2022 as part of a wider anti-obesity drive. The new rules, confirmed on Monday, will prohibit retailers from offering multibuy promotions such as “buy…

Global economy expected to expand by 4 per cent in 2021: World Bank

Washington, Jan. 6: As the COVID-19 vaccine started rolling out in many countries, the World Bank expects that the global economy will expand four per cent in 2021, but will still remain more than five per cent below its pre-pandemic trend. “The global economy appears to be emerging from one…

Video

Find Us on Facebook

From Social