‘September: Manufacturing activities moderate, but in good shape’ | Business News,The Indian Express
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) last month fell to 55.1 from 56.2 in August. This is the fifteenth straight month of expansion in manufacturing activity.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) last month fell to 55.1 from 56.2 in August. This is the fifteenth straight month of expansion in manufacturing activity.
This comes after the Reserve Bank of India (RBI) last week slashed the real gross domestic product (GDP) projection for FY23 to 7 per cent from to 7.2 per cent announced in August, due to risks posed by geopolitical tensions, tightening global financial conditions and a possible decline in the external component of aggregate demand.
The PMI data, released at the beginning of every month, is an economic indicator, which shows the prevailing direction of economic trends in the manufacturing and services sector. It is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers. A reading above 50 indicates an overall expansion compared to the previous month, and below 50 reflects contraction in manufacturing activities.
The survey showed that despite the fall, the September PMI data indicated a strong improvement in the health of the manufacturing industry, as companies ramped up production in tandem with a sustained rise in new work intakes. Rates of expansion remained historically high, despite easing from August.
“The latest set of PMI data show us that the Indian manufacturing industry remains in good shape, despite considerable global headwinds and recession fears elsewhere,” said Pollyanna De Lima, economics associate director, S&P Global Market Intelligence.
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