New Delhi: India’s manufacturing sector registered a mild slowdown in growth during September compared to August but still continues to remain strong as a sharp rise in new orders underpinned sustained expansions in output, input purchasing and employment, according to a S&P Global PMI report released on Tuesday.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) registered 57.5 in September, down from 58.6 in August.
Although the lowest for five months, the latest reading remained firmly above the no-change mark of 50.0 and its long-run average (53.9), therefore signalling a sharp rate of expansion, the report states.
Supply-chain conditions were broadly stable an an upbeat business confidence and buoyant demand facilitated a sharper increase in factory gate charges, the report added.
“India’s manufacturing industry showed mild signs of a slowdown in September, primarily due to a softer increase in new orders which tempered production growth,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
“Nevertheless, both demand and output saw significant upticks, and firms also noted gains in new business from clients across Asia, Europe, North America and the Middle East.”
–IANS
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