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After the spectacular figures of GDP Growth Rate, India has now received another great news. During the month of May, India’s manufacturing sector saw a bumper boom and its activities reached the highest level of 31 months. This information came to light on Thursday in a private survey.
During the month of May, the Purchasing Management Index (PMI) of the Indian manufacturing sector reached 58.7. This is the fastest growth in the manufacturing sector since October 2020. This tells that during the month of May the output of factories in India (India Factory Output) has been the best in about two and a half years. Tremendous improvement in the activities of factories during the month of May after the impressive figures of the GDP growth rate of the March quarter a day earlier indicate a better future.
This was the figure in April
The PMI index remained above 50 for the 23rd consecutive month during the month of May. Earlier, during the month of April, manufacturing sector activities in India were at a 4-month high. The manufacturing sector was supported by a robust growth in output and new orders during the month of April. The S&P Global India Manufacturing Purchasing Manager’s Index stood at 57.2 during the month of April, which was higher than 56.4 in March.
What does PMI tell
If the PMI figure is above 50, then it shows that there has been a boom in activities during the relevant period. On the other hand, a PMI figure below 50 indicates a decline in activities in the period under review. If the PMI is 50, it is assumed that the activities remained almost constant during the relevant period.
India is beating the trend
India’s manufacturing sector has shown a stellar performance during the month of May at a time when the sector is struggling all over the world. In the neighbourhood, the manufacturing sector is under pressure in major centers like China, Japan and South Korea. The manufacturing sector in these countries has been facing adverse conditions for a long time. On the other hand, the manufacturing sector in India is performing well and is playing a major role in accelerating the pace of economic growth.
India’s growing stature in the world
Pollyanna De Lima, Economics Associate Director of S&P Global Market Intelligence (S&P Global Market Intelligence), said that the rising trend in domestic orders has strengthened the base of the Indian economy. At the same time, due to improvement in external trade, international participation is increasing and India’s position in the global market is getting stronger. The manufacturing sector also created more employment opportunities during the month of May.
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