Manufacturing remains robust on new orders in August: Survey – Times of India
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NEW DELHI: Activity in the country’s manufacturing sector remained robust in August on the back of new orders and moderating input cost inflation, while business confidence improved substantially during the month, a survey showed on Thursday.
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) was little changed from July’s reading of 56.4, posting 56.2 in August and signalling the second-strongest improvement in operating conditions since last November.
A sustained improvement in demand conditions boosted new order intakes at Indian manufacturers during August, which in turn pushed output growth to second-highest in nine months. Production volumes were also supported by a pick-up in exports and upbeat projections for the year-ahead outlook.
Firms were at their most optimistic for six years, the survey results showed. The survey is compiled from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.
Manufacturers attributed the increase in production to greater sales, recent efforts to enhance capacities, fewer Covid curbs and product diversification. Factory orders rose at the quickest pace since last November, boosted by strengthening demand conditions, new client wins and advertising, according to the survey.
The latest results also indicated that recent inflation concerns somewhat faded, as business sentiment strengthened from June’s 27-month low. In fact, the degree of optimism was at its highest in six years. Predictions of stronger sales, new enquiries and marketing efforts all boosted confidence in August, the survey results showed.
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) was little changed from July’s reading of 56.4, posting 56.2 in August and signalling the second-strongest improvement in operating conditions since last November.
A sustained improvement in demand conditions boosted new order intakes at Indian manufacturers during August, which in turn pushed output growth to second-highest in nine months. Production volumes were also supported by a pick-up in exports and upbeat projections for the year-ahead outlook.
Firms were at their most optimistic for six years, the survey results showed. The survey is compiled from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.
Manufacturers attributed the increase in production to greater sales, recent efforts to enhance capacities, fewer Covid curbs and product diversification. Factory orders rose at the quickest pace since last November, boosted by strengthening demand conditions, new client wins and advertising, according to the survey.
The latest results also indicated that recent inflation concerns somewhat faded, as business sentiment strengthened from June’s 27-month low. In fact, the degree of optimism was at its highest in six years. Predictions of stronger sales, new enquiries and marketing efforts all boosted confidence in August, the survey results showed.
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