Indian manufacturing sector activity has seen an improvement in August, showcasing its second-best growth trend since January, 2022. The trend indicates continued economic momentum and strong business confidence, according to the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI).
The surge in manufacturing activity in August has been attributed to strengthening demand conditions and softening input cost inflation. Production volume was further lifted by exports and upbeat projections, even as firms were at their most optimistic level in six years, according to the PMI survey.
“Indian manufacturers continued to benefit from the absence of Covid-19 restrictions, with rates of growth for both output and new orders picking up yet again to the strongest since last November,” stated Pollyanna De Lima, economics associate director at S&P Global Market Intelligence
PMI data brings optimism for the sector, after the revelations of the national income data in June quarter, which saw a growth of 4.8% despite a favourable base effect, due to supply issues and competition from imports.
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