India’s manufacturing sector achieves record growth in 31 months in May

    IndiaThe manufacturing sector showed encouraging growth in May and painted a positive picture for the industry.

    This is reported by S&P Global India Manufacturing Purchasing ManagersIndex, it rose from 57.2 in April to 58.7 in May, signaling the industry’s most robust improvement in health since October 2020 or a 31-month high.

    Not only did factory orders rise for a twenty-third straight month in May, but also the strongest since January 2021, it said on Thursday.

    Exports boosted total new orders in May and companies recorded the fastest growth in international sales in six months.

    “The PMIThe spotlight on rising sales shows strong demand for Indian-made products, both domestically and internationally. While the pick-up in domestic orders is strengthening the fundamentals of the economy, increasing external business is fostering international partnerships and strengthening India’s position in the global marketplace,” the statement said. Pollyanna DeLimaEconomics Associate Director at S&P Global Market Intelligence.

    Combined, they also generated more employment in May, Lima added.

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