India's manufacturing sector activity peaks at thirteen in October

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Mumbai, Ta. 02 November 2020, Monday

India's factory activity was at a thirteen-year high in October. Disruption of coronavirus led to strong recovery in demand and production. However, layoffs continue in companies, a survey said.

The manufacturing sector's Nikkei Manufacturing Purchasing Managers' Index (PMI), which stood at 6.50 in September, rose to 3.30 in October, the highest since October 2009, according to a survey by IHS Markets.

India, Asia's third-largest economy, had a slower growth rate of 7.50 per cent in the June quarter of the current financial year. India has almost lifted most of the sanctions imposed to curb the spread of corona and economic activity is picking up again.

Indian manufacturers are recovering from new orders and production levels. Demand for raw materials and rising stocks The country's manufacturers are expecting an increase in sales, the survey report said.

The volume of new orders has seen a 15-year high. In addition, export orders are also the highest since December 2016. Despite favorable conditions, the companies continued layoffs for the seventh consecutive month in October.

Raw material prices also rose but most of the increase was borne by the companies, the report said. Higher raw material prices indicate higher retail inflation. Trade optimism for the next 12 months is at its highest since August 2016.


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