India witnesses robust growth in manufacturing sector in Jan 2023: S&P Global

ENA MSME 2023-02-03 08:11:28 New Delhi, Feb 3 (KNN) According to a report by S&P Global, the manufacturing sector of India saw a strong growth in the first month of 2023 with the sectors seasonally adjusted performance managers index (PMI) was 55.4, marking a nineteenth successive monthly improvement in operating conditions. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> The headline figure remained above its long-run average despite the fall in the manufacturing PMI from December's recent high of 57.8. Although there were slower increases in total sales and output, but rates of expansion remained historically elevated. There was only a slight rise in the new export orders, however, and at the weakest pace in ten months. Companies sought to add to their input inventories by purchasing additional materials, but headcounts were broadly unchanged amid sufficient staff numbers to cope with current requirements. Elsewhere, there was a quicker, albeit historically subdued, increase in input costs. Charge inflation softened in January, but remained above the long-run series trend, as per S&P Global. Manufacturers also pointed to a lack of pressure on the capacity of their suppliers, with delivery times shortening in January. Input prices ticked higher in January, amid reports of greater chemical, electronic component, energy, metal and packaging costs. The rate of inflation quickened to a three-month high, but was well below its long-run average. Manufacturers reportedly lifted their selling prices in January, owing to the passing of higher input, transportation and staff cost through to clients. The overall rate of charge inflation remained historically elevated, despite easing from December. (KNN Bureau) 32170 https://knnindia.co.in/news/newsdetails/msme/india-witnesses-robust-growth-in-manufacturing-sector-in-jan-2023-sp-global 2023-02-03 08:11:28 knnindia.co.in India witnesses robust growth in manufacturing sector in Jan 2023: S&P Global