Mumbai: A faster rise in demand accelerated the pace of India’s manufacturing sector output in October, key economic data released on Thursday showed. According to the Nikkei India Manufacturing Purchasing Managers’ Index (PMI), the composite indicator of manufacturing performance increased to 53.1, from 52.2 in September.
An index reading of above 50 indicates an overall increase in economic activity, or growth, and below 50 an overall decrease. Commenting on the Indian manufacturing PMI survey data, Pollyanna De Lima, Principal Economist at IHS Markit and author of the report, said: “Manufacturing continued to make up for ground lost in August, with a robust and accelerated rise in new orders boosting production growth in October. Consumer, intermediate and investment goods output all increased at stronger rates. “A combination of domestic and foreign orders fuelled the upturn in overall activity, although export orders displayed the slowest expansion since July whilst total new work rose at the sharpest pace since mid-year.” (IANS)