India’s factory output in Sep a tad lower but remains strong: S&P report

  • IANS
  • Stock Market News
India’s factory output in Sep a tad lower but remains strong: S&P report
Credit: © Reuters.

New Delhi, Oct 3 (IANS) India’s manufacturing sector registered a mild slowdown in growth during September compared to August but still continues to remain strong as a sharp rise in new orders underpinned sustained expansions in output, input purchasing and employment, according to a S&P Global (NYSE: SPGI ) PMI report released on Tuesday.The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) registered 57.5 in September, down from 58.6 in August.

Although the lowest for five months, the latest reading remained firmly above the no-change mark of 50.0 and its long-run average (53.9), therefore signalling a sharp rate of expansion, the report states.

Supply-chain conditions were broadly stable an an upbeat business confidence and buoyant demand facilitated a sharper increase in factory gate charges, the report added.

"India's manufacturing industry showed mild signs of a slowdown in September, primarily due to a softer increase in new orders which tempered production growth," said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.

"Nevertheless, both demand and output saw significant upticks, and firms also noted gains in new business from clients across Asia, Europe, North America and the Middle East."

--IANS

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