https://sputniknews.in/20230501/indias-factory-output-at-four-month-high-as-demand-spikes-1754217.html
India's Factory Output at Four-Month High as Demand Spikes
India's Factory Output at Four-Month High as Demand Spikes
Sputnik India
India's manufacturing industry is expanding at its fastest rate in the past four months, driven by strong factory orders, a survey done by S&P Global revealed.
2023-05-01T18:57+0530
2023-05-01T18:57+0530
2023-05-01T18:57+0530
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India's manufacturing industry is expanding at its fastest rate in the past four months, driven by strong factory orders, a survey revealed on Monday.S&P Global, in its survey, said that India had seen an increase in its Manufacturing Purchasing Managers' Index (PMI) to 57.2 in April from 56.4 in March, remaining above the 50-mark threshold that separates growth from contraction for a 22nd straight month.The official statement said more jobs were created, and more companies stepped up input purchasing due to stock-replenishment efforts.The S&P further noted that Indian manufacturers apparently have abundant opportunities ahead, since foreign demand had been on the rise as well over the past four months.
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India's Factory Output at Four-Month High as Demand Spikes
Deexa Khanduri
Sputnik correspondent
India, the world's fifth-largest economy, is better placed than many Western nations to be one of the fastest-growing markets, despite global trends. The Indian economy was forecast to add 6.9% this fiscal year and 6.0% next fiscal year.
India's manufacturing industry is expanding at its fastest rate in the past four months, driven by strong factory orders, a survey revealed on Monday.
S&P Global, in its survey, said that India had seen an increase in its Manufacturing Purchasing Managers' Index (PMI) to 57.2 in April from 56.4 in March, remaining above the 50-mark threshold that separates growth from contraction for a 22nd straight month.
"Reflecting a robust and quicker expansion in new orders, production growth took another step forward in April. Companies also benefited from relatively mild price pressures, better international sales, and improving supply-chain conditions," Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said in a release.
The official statement said more jobs were created, and more companies stepped up input purchasing due to stock-replenishment efforts.
The S&P further noted that Indian manufacturers apparently have abundant opportunities ahead, since foreign demand had been on the rise as well over the past four months.
"Manufacturers signaled higher operating costs in April — related to fuel, metals, transportation, and some other raw materials — the overall inflation rate remained below its long-run average despite quickening since March," the release added.
