Manufacturing PMI jumps to 22-month high of 54.4 in October
Zee Media Bureau
New Delhi: India’s manufacturing sector grew at its strongest pace since December 2014, as the central governments continues to usher reforms and push manufacturing activity in the country, and output surged meeting the festive season demand, Nikkei Market Manufacturing PMI survey showed on Tuesday.
The survey showed Manufacturing PMI at 54.4 versus 52.1 noted in September. In October, output increased for the 10th straight month and at the quickest rate in nearly four years and survey respondents attributed the latest rise in production to strong growth of new orders. A reading above 50 in terms of manufacturing performance indicates expansion, while the marking below it means contraction.
"October data provide positive news for India's economy, as manufacturing output and new orders expanded at the fastest rates in 46 and 22 months, respectively," Pollyanna De Lima, Economist at IHS Markit and author of the report, said.
China’s official factory index also rose to the highest since July 2014, led by new orders. Manufacturing purchasing managers index rose to 51.2 in October from 50.4 in the prior two months.
With PTI input