India's manufacturing PMI hit a 31-month high in May

In May, India's manufacturing Purchasing Manager’s Index (PMI) provided a remarkably optimistic image for the industry. Reuters reported that strong demand caused the S&P Global India Manufacturing Purchasing Managers' Index to increase from 57.2 in April to 58.7 in May.

For the 23rd consecutive month, it was above the 50-mark separating growth from contraction. One of the primary drivers of India's economy in recent quarters has been the manufacturing sector, which has seen strong development.

The data also showed that the industry created more job openings in May, 2023.

 The third-largest economy in Asia experienced annual growth of 6.1% in the third quarter, significantly higher than the 5% estimate in a Reuters poll and quicker than the 4.5% rate in the October-December period.

 The PMI also revealed that international demand increased at its strongest pace in six months, while new orders rose at their greatest rate since January, 2021. According to Reuters, as a result of more orders, product purchases are increasing at their fastest rate in more than 12 years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.