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Manufacturing sector in India gaining momentum as Covid restrictions lift

Manufacturing sector in India gaining momentum as Covid restrictions lift

IHS Markit India Manufacturing PMI for month October detected continues improvement in manufacturing sectors with companies raising output to the highest potential in the last 13 years amid robust sales growth. Manufacturing output recoded at the quickest pace since October 2007, and the PMI index improved in October to 58.9 from 56.8 of September, showing the strongest improvement in the manufacturing's health sector over a decade.

The study acknowledged ongoing relaxations for causing better market conditions and for improving demand in the economy. "Companies were convinced that the resurgence in sales will be sustained in coming months, as indicated by a strong upturn in input buying amid restocking efforts" Pollyanna De Lima, Economics Associate Director at IHS Markit commented. Firms softened its production pace strongest since 2007, and greater production needs to be led to an increase in input buying among Indian manufactures.

Most appreciable improvement in growth observed in intermediate goods with robust expansion in consumer and investment goods sub-sectors. The anticipation of the end of pandemic and indications of complete reopening underpinned positive sentiment towards the year-ahead outlook for production. IHS Markit noted the level of confidence was at 50- month high.

Covid related guidelines and restrictions imposed lowered labour participator in the reduction process, analysis recognised, even though the fall monitored as weakest in the last seven months.

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TAGS:Manufacturing Sector Indian Industrial growth COVID19 
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