Factory activity rebounds in Oct after hitting 8-month low in September
India's manufacturing activity rebounded in October, marking a positive beginning for the third quarter of the current financial year, driven by new orders, international sales and production, according to a private survey released on Monday.
The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 57.5 in October from an eight-month low of 56.5 in September. It was 55.5 in October 2023.
A reading above 50 indicates expansion, while below that signifies contraction.
«India's headline manufacturing PMI picked up substantially in October as the economy's operating conditions continue to broadly improve. Rapidly expanding new orders and international sales reflect strong demand growth for India's manufacturing sector,» said Pranjul Bhandari, chief India economist at HSBC.
The introduction of new products and effective marketing strategies contributed to improved sales performance, according to anecdotal evidence, the survey noted. «Companies noted a quicker increase in order book volumes that was stronger than the average seen in nearly 20 years of data collection.» New export orders recorded a robust increase after the weakest growth in a year-and-a-half during September, with new contracts coming in from Asia, Europe, Latin America and the US, as per the survey.
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