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India’s factory output in Sep a tad lower but remains strong: S&P report
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 PMI report released on Tuesday.
New Delhi: 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 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."
