In December, manufacturing activity in India reached a 13-month high, according to a report released by the Reserve Bank of India. The report showed that the manufacturing Purchasing Managers’ Index (PMI) rose to 54.7 in December from 52.6 in November. This is the highest reading since November 2017 and indicates that manufacturing activity in India is expanding at a faster pace. The report also showed that new orders and output continued to grow in December, while employment rose at the fastest pace in three years.
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI), which is seasonally adjusted, increased to 57.8 in December from 55.7 in November as business conditions saw their biggest improvement in almost two years.
The December PMI figures indicated that overall operational conditions had improved for the 18th consecutive month. In terms of the PMI, a print above 50 denotes expansion and a print below 50 denotes contraction.
According to Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, “Following a good start to 2022, the Indian manufacturing industry continued a robust performance as time went on, closing the year with the best expansion in production witnessed since November 2021.”
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