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India's manufacturing sector hits 31-month high growth in May

1 Jun 2023

New Delhi [India], June 1 (ANI): India's manufacturing sector showcased encouraging growth in May and painted a positive picture for the industry.

According to SP 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.

"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 SP Global Market Intelligence.

Combined, they also generated more employment opportunities in May, Lima added. (ANI)

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