Manufacturing sector growth steadied in May amidst high inflation

NEW DELHI: India’s manufacturing sector growth steadied in May, with new orders and production increasing at similar rates to those registered in the previous month, while demand showed signs of resilience and improved further in spite of another uptick in selling prices, a monthly survey said on Wednesday.

The seasonally adjusted S &P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.6 in May, little changed from 54.7 in April, pointing to a sustained recovery across the sector. The May PMI data pointed to an improvement in overall operating conditions for the eleventh straight month. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

“India’s manufacturing sector sustained strong growth momentum in May. Thanks in part to the sharpest rise in international sales for eleven years, total new orders expanded further. In response to demand resilience, companies continued with their efforts to rebuild stocks and hired extra workers accordingly,” said Pollyanna De Lima, Economics Associate Director at S &P Global Market Intelligence.

The May PMI data pointed to an improvement in overall operating conditions for the eleventh straight month

Are you in Chennai? Then click here to get our newspaper at your doorstep!