New Delhi, Oct 24
India’s manufacturing activity showed renewed strength in October, with the HSBC Flash India Manufacturing Purchasing Managers’ Index (PMI) rising to a two-month high of 58.4, up from 57.7 in September, a report showed on Friday.
The data compiled by S&P Global indicates that the country’s manufacturing sector continues to expand at a solid pace, supported by strong domestic demand and easing cost pressures.
The rise in the manufacturing PMI reflects an improvement in business conditions, driven by higher new orders, increased production, and steady employment levels.
According to HSBC’s Chief India Economist Pranjul Bhandari, the recent GST rate cuts have helped boost domestic demand while keeping input costs under control.