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S&P Manufacturing PMI Data : Good news is coming from the manufacturing sector of the country. It is being told that the number of new orders has increased due to the decrease in the cost pressure due to the decrease in the prices of raw materials, due to which there has been a lot of strength in the manufacturing sector in the country in December 2022.
Know how much the index was
India’s Manufacturing Purchasing Manager Index (PMI) has been 57.8 in December 2022. Which was 55.7 in the month of November. These figures have been revealed in the survey of S&P Global. If this number remains below 50, it means that the economy is weakening. At the same time, coming more than 50 means strength in the economy. This is the 18th consecutive time when India’s manufacturing PMI has been above 50. Along with this, the reading of PMI has reached the highest in about 26 months.
Companies increased production
At the end of the year 2022, the companies had increased production significantly due to the demand remaining. This is the reason why last month’s output has been the highest since November 2021. Due to inflation, the cost of making the goods has increased and more than that, the price has been received in its sale. This has happened for the first time in about 2.5 years. Companies say that better opportunities are coming due to demand.
low demand since november
It has been revealed in the data that the demand increased in December but its pace was less than in November. Many companies failed to get new orders. The demand will go ahead and the buying is also expected to increase among those who produce the goods. Asia’s third largest economy is in a much stronger position than other countries.
successful production
S&P economists say that some people have doubts about the growth of the Indian manufacturing industry in 2023, but Indian companies are confident that they will be able to raise production from the current level.
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