TOKYO – India’s manufacturing PMI saw growth in October, as companies responded to stronger order by scaling up its production, input purchasing and employment.

The Nikkei India Manufacturing Purchasing Managers Index, or PMI, increased to reach 53.1 in October from 52.2 in September. Readings above 50 point to expansion, while those below 50 indicate contraction.

Technological advancements and favorable market conditions pushed further demand, accompanied by the increase in new orders, although the upturn in export sales cooled. Job creation was the strongest since last December.

“Manufacturing continued to make up for ground lost in August, with a robust and accelerated rise in new orders boosting production growth in October,” said Pollyanna De Lima, Principal Economist at IHS Markit and author of the report.

“The trend for employment was particularly encouraging, (…) however goods producers see challenges and uncertainties ahead, which in turn translated into the weakest degree of optimism seen in 20 months.”

(Nikkei)

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