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NEW DELHI: Manufacturing activity slowed to an eight-month low in October as demand for certain types of products faded, hiring activity eased, cost pressures intensified and business confidence hit a five month low, a survey showed on Wednesday.
Posting 55.5 in October, the S&P Global India manufacturing purchasing managers’ index signalled an improvement in the health of the sector for the twenty-eighth month in a row.The latest reading was above its long-run average of 53.9, but slipped from 57.5 in September to signal the slowest rate of expansion since February, the survey results showed.
The 50-point mark separates expansion from contraction and the survey is compiled from responses from questionnaires sent to 400 manufacturers. The manufacturing sector has recovered strongly after the crushing impact of the Covid-19 pandemic and has been posting robust growth on the back of strong domestic demand.
“India’s manufacturing sector generated substantial growth in October, despite a challenging global economic environment. Still, insights from surveyed purchasing managers pointed to the deceleration of several measures,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
Posting 55.5 in October, the S&P Global India manufacturing purchasing managers’ index signalled an improvement in the health of the sector for the twenty-eighth month in a row.The latest reading was above its long-run average of 53.9, but slipped from 57.5 in September to signal the slowest rate of expansion since February, the survey results showed.
The 50-point mark separates expansion from contraction and the survey is compiled from responses from questionnaires sent to 400 manufacturers. The manufacturing sector has recovered strongly after the crushing impact of the Covid-19 pandemic and has been posting robust growth on the back of strong domestic demand.
“India’s manufacturing sector generated substantial growth in October, despite a challenging global economic environment. Still, insights from surveyed purchasing managers pointed to the deceleration of several measures,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
