Manufacturing activities in India advanced further and touched a 31-month high in May supported by a stronger increase in new orders and favourable market conditions, which in turn generated more employment opportunities, a monthly survey said on Thursday.
The seasonally adjusted S&P Global India Manufacturing PMI rose to 58.7 in May from 57.2 in April indicating the strongest improvement in the health of the sector since October 2020. The May PMI data pointed to an improvement in overall operating conditions for the 23rd straight month. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contraction.
“The PMI’s spotlight on soaring sales showcases robust demand for Indian-made products. While the upturn in domestic orders strengthens the foundations of the economy, rising external business fosters international partnerships,” said Pollyanna De Lima, economics associate director at S&P Global Market.