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India’s manufacturing sector activity improves in Nov; PMI touches 11 month high

Updated: Dec 03, 2018 07:46:09am
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India’s manufacturing sector activity improves in Nov; PMI touches 11 month high

New Delhi, Dec 3 (KNN) Buoyed by stronger demand conditions and greater sales, India’s manufacturing sector activity improved in November and touched an 11-month high, according to a survey report.

The Nikkei India Manufacturing Purchasing Managers' Index, compiled by IHS Markit, strengthened from 53.1 in October to 54.0 in November.

The improvement in manufacturing sector activity reflects improvement in the sector due to stronger demand conditions.

This is the 16th consecutive month that the manufacturing PMI remained above the 50-point mark.

Manufacturers increased production at the second-quickest pace since October 2016, buoyed by stronger demand conditions and greater sales, said report.

The author of the report, Principal Economist, Pollyanna De Lima, HIS Markit, said that the  Indian manufacturing sector continued to recover from ground lost in August, with November seeing the headline PMI climb to an 11-month high.

Lima said “The expansion in total new orders was supported by greater sales to international markets as producers reportedly received bulk orders from clients in key export destinations.”

Signs of rising confidence in the upturn were also provided by the trend for employment, which continued to grow at one of the quickest rates seen in six years, Lima added.

Further, survey noted that the increase in employment softened slightly since October, but was among the fastest seen in six years.

On the employment front, goods producers created jobs in November, it added.

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