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Manufacturing PMI: In September, the country’s factory activities have been seen to have a significant impact on demand. S&P Global Manufacturing PMI Index (S&P Global Manufacturing)S&P Global Manufacturing PMI) came down to a 3-month low of 55.1. Manufacturing PMI was at 56.2 in August. However, the manufacturing sector continues to grow as PMI above 50 indicates growth while below 50 indicates contraction.
Pauliana De Lima, Economics Associate Director, S&P Market Intelligence, said that the Indian manufacturing industry (Manufacturing Sector) is in good shape even if there are many obstacles at the global level or there is a possibility of recession. He said that there was a slight moderation in new orders and production in September but some important indicators point to the fact that production is going to increase in the near future.
Input cost during September 2022 saw the slowest increase since October 2020 and many companies also talked about no increase in purchase price.
Lima said that the performance during October may not be up to expectations due to currency risk and the impact of weak rupee on inflation and interest rate.
The Reserve Bank of India (RBI) is selling the dollar in view of the devaluation of the rupee and has increased the repo rate by 1.90 percent since May 2022 to control rising inflation. On Friday, the Reserve Bank had increased the repo rate by 50 basis points.
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India’s foreign exchange reserves are seeing a decline and it is estimated that by the end of this year it will come down to $ 523 billion. Let us tell you that in October 2021, India’s foreign exchange reserves were $ 642 billion.
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