Copyright knnindia
New Delhi, Nov 3 (KNN) India’s manufacturing sector expanded at a faster pace in October as robust domestic demand offset a slowdown in export growth, even as business optimism eased from a seven-month high, survey data revealed. According to the HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, the index rose to 59.2 in October from 57.7 in September, exceeding the preliminary estimate of 58.4. A reading above 50 indicates expansion in factory activity. Output growth accelerated, reaching the joint-highest level in five years, matching the pace recorded in August. Manufacturers attributed this improvement to robust demand, enhanced operational efficiency, the acquisition of new clients, and increased investment in technology. However, international sales growth weakened, with new export orders rising at their slowest rate in ten months, though the increase remained substantial. Although input cost inflation eased to an eight-month low, output prices remained at their highest level in 12 years for the second month in a row. Companies reported they passed on higher freight and labour costs to customers, while strong demand allowed them to sustain higher prices. Employment increased for the 20th straight month, as firms hired to manage rising workloads. The pace of job creation, however, remained moderate and similar to that of September. (KNN Bureau)
