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India’s mfg PMI hits three-month high in November amid surge in output and slowdown in inflation: S&P

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  • The seasonally adjusted S&P Global India Manufacturing purchasing managers index (PMI) stood at 55.7 in November.
  • November PMI data indicated an improvement in overall business conditions for the 17th straight month.
  • In terms of jobs, the survey said employment has risen solidly for the ninth straight month.


Manufacturing activity in India reached its highest level in three months in November, as new orders and exports increased, boosted by demand resilience and a significant reduction in cost pressures, according to a monthly survey released on Thursday.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) came in at 55.7 in November, up from 55.3 in October, marking the strongest improvement in business conditions in three months.

November PMI data indicated an improvement in overall business conditions for the 17th straight month. In PMI parlance, a print above 50 indicates expansion, while a score below 50 indicates contraction.

“It has been business as usual for commodity producers, who have massively increased production volumes in three months, while there was impressive evidence of demand resilience. New orders and exports increased significantly over the past month,” Pollyanna DeLimaEconomics Associate Director at S&P Global Market Intelligence.

In addition, companies were very confident in the growth prospects, with optimism driving a new round of job creation and inventory replenishment initiatives.

Buying levels rose at a clear and accelerated pace as companies also tried to take advantage of the relatively mild price pressure.

“Survey participants were also very confident in both strong demand for their goods and their ability to further ramp up production in 2023. The positive sentiment recorded in November was the best in nearly eight years,” said Lima.

On the price front, input cost inflation fell to a collective lowest level in 28 months, while costs rose at their slowest pace since February.

“Companies were also helped by a significant cooling in cost pressures in November, a factor that prompted them to buy more inputs and replenish their inventories.

“The overall input cost inflation rate fell to a collective lowest level in 28 months. Buyers of Indian-made goods also benefited from this drop in cost inflation, as 92 percent of companies surveyed left their selling prices unchanged from October,” said Lima. .

In terms of jobs, the survey said employment has risen solidly for the ninth straight month.

The S&P Global India Manufacturing PMI is compiled by S&P Global based on responses to questionnaires sent to purchasing managers in a panel of approximately 400 manufacturers. The panel is stratified by workforce size by sector and company, based on contributions to GDP.

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