The information was revealed in a monthly survey released on Monday. According to the HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, manufacturing activity continued to expand in October, although the pace of growth was slightly slower compared to the previous month.
Stronger Orders from International Markets
Indian companies recorded a significant improvement in new orders from overseas markets during October. Export orders reached a six-month high, providing additional support to domestic manufacturing activity.
The rising international demand for Indian products is being viewed as a positive sign for the country’s manufacturing sector and export industry.
Manufacturing PMI Declines to 54.7
India’s Manufacturing PMI stood at 55.1 in September but declined to 54.7 in October.
However, the index remains above the crucial 50-point mark. A PMI reading above 50 indicates expansion in manufacturing activity, while a reading below 50 signals contraction.
Production Cost Inflation Eases
According to the survey, the increase in production costs during October was the slowest since February. This provided some relief to manufacturing companies facing cost pressures.
Overall, although India’s manufacturing growth slowed slightly in October, stronger international demand and rising export orders provided positive signals for the country’s industrial sector.
