India’s Manufacturing Sector Hits 31-Month High Growth in May, Paints Positive Picture for Industry
Not only did factory orders increase for the twenty-third month running in May, but also to the greatest extent since January 2021, it said on Thursday. Exports gave impetus to total new orders in May and companies registered the quickest expansion in international sales for six months.
New Delhi, June 1: India's manufacturing sector showcased encouraging growth in May and painted a positive picture for the industry. According to S&P Global's India Manufacturing Purchasing Managers' Index, it rose from 57.2 in April to 58.7 in May, indicating the most robust improvement in the health of the sector since October 2020 or a 31-month high.
Not only did factory orders increase for the twenty-third month running in May, but also to the greatest extent since January 2021, it said on Thursday. Exports gave impetus to total new orders in May and companies registered the quickest expansion in international sales for six months. India Will Become Third Largest Economy in the World, Says Union Minister Mahendra Nath Pandey.
"The PMI's spotlight on soaring sales showcases robust demand for Indian-made products both domestically and internationally. While the upturn in domestic orders strengthens the foundations of the economy, rising external business foster international partnerships and boost India's position in the global market," said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence. Indian Economy Growing at Fast Pace, Demat Accounts Surpasses 100 Million.
Combined, they also generated more employment opportunities in May, Lima added.
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