India's manufacturing sector activity witnessed a
significant growth in the month of January, aided with rise in new orders along
with steepest upturn in exports. Goods producers welcomed another substantial
increase in new orders, which they attributed to better domestic demand and a
pick-up in international sales. Total new business expanded at the fastest rate
in six months.
According to the survey report, the seasonally adjusted HSBC
India Manufacturing Purchasing Managers’ Index (PMI) surged to 57.7 in January
as against 56.4 in December. January data also showed a pick-up in growth of
buying levels and record job creation. Cost pressures retreated to their
weakest in 11 months, but selling prices rose solidly amid buoyant
demand.
As per the report, companies turned more optimistic about output prospects, with nearly 32% of firms forecasting growth and just 1% expecting a reduction. The buoyant underlying demand, better customer relations, favourable economic conditions and marketing efforts all bode well for growth prospects. Besides, firms were successful in their efforts to lift inventories as suppliers were able to deliver materials in a timely manner.
Source: Ace Equity
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