<p>India’s manufacturing output in December recorded the best expansion in more than a year helped by healthy inflows of new business and stepped-up production, according to an industry survey report released on Monday by S&P Global.</p>.<p>With overall demand remaining conducive to growth, manufacturers scaled up production at the end of 2022. The upturn in output was sharp and the best seen since November 2021, the report showed.</p>.<p>The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 57.8 in December, the best performance since October 2020. Manufacturing PMI stood at 55.7 in November.</p>.<p>PMI is a survey-based indicator of business conditions, which includes individual measures of business output, new orders, employment, costs, selling prices, exports and purchasing activity among others. The PMI print above 50 indicates growth in the sector while below 50 shows contraction.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/economy-business/indias-unemployment-rate-of-680-in-july-lowest-in-six-months-cmie-1132436.html" target="_blank">India's unemployment rate of 6.80% in July lowest in six months: CMIE</a></strong></p>.<p>Manufacturing, which was badly hit due to the COVID-19 pandemic and lockdowns in 2020, has shown consistent improvement in the past one-and-a-half year. PMI has been above the 50 mark for the 18th consecutive month. The PMI average for the third quarter of the financial year 2022-23 stood at 56.3, the highest in one year.</p>.<p>“Following a promising start to 2022, the Indian manufacturing industry maintained a strong performance as time progressed, wrapping the year with the best expansion in production seen since November 2021,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.</p>.<p>In December 2022 the Indian manufacturing industry witnessed the fastest rise in new orders since February 2021.</p>.<p>As per the survey report, hiring activity was stretched to December, while more inputs were acquired as firms sought to supplement production and add to their inventories. Input cost inflation was contained, but there was a solid and quicker increase in selling prices during the month.</p>.<p>Demand resilience boosted sales growth in December. In some instances, the survey participants indicated that advertising, product diversification and favourable economic conditions supported sales. International demand for Indian goods also improved but did so to a lesser extent than in November.</p>.<p>"While some may question the resilience of the Indian manufacturing industry in 2023 amid a deteriorating outlook for the global economy, manufacturers were strongly confident in their ability to lift production from present levels,” Lima noted in the report. </p>
<p>India’s manufacturing output in December recorded the best expansion in more than a year helped by healthy inflows of new business and stepped-up production, according to an industry survey report released on Monday by S&P Global.</p>.<p>With overall demand remaining conducive to growth, manufacturers scaled up production at the end of 2022. The upturn in output was sharp and the best seen since November 2021, the report showed.</p>.<p>The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 57.8 in December, the best performance since October 2020. Manufacturing PMI stood at 55.7 in November.</p>.<p>PMI is a survey-based indicator of business conditions, which includes individual measures of business output, new orders, employment, costs, selling prices, exports and purchasing activity among others. The PMI print above 50 indicates growth in the sector while below 50 shows contraction.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/economy-business/indias-unemployment-rate-of-680-in-july-lowest-in-six-months-cmie-1132436.html" target="_blank">India's unemployment rate of 6.80% in July lowest in six months: CMIE</a></strong></p>.<p>Manufacturing, which was badly hit due to the COVID-19 pandemic and lockdowns in 2020, has shown consistent improvement in the past one-and-a-half year. PMI has been above the 50 mark for the 18th consecutive month. The PMI average for the third quarter of the financial year 2022-23 stood at 56.3, the highest in one year.</p>.<p>“Following a promising start to 2022, the Indian manufacturing industry maintained a strong performance as time progressed, wrapping the year with the best expansion in production seen since November 2021,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.</p>.<p>In December 2022 the Indian manufacturing industry witnessed the fastest rise in new orders since February 2021.</p>.<p>As per the survey report, hiring activity was stretched to December, while more inputs were acquired as firms sought to supplement production and add to their inventories. Input cost inflation was contained, but there was a solid and quicker increase in selling prices during the month.</p>.<p>Demand resilience boosted sales growth in December. In some instances, the survey participants indicated that advertising, product diversification and favourable economic conditions supported sales. International demand for Indian goods also improved but did so to a lesser extent than in November.</p>.<p>"While some may question the resilience of the Indian manufacturing industry in 2023 amid a deteriorating outlook for the global economy, manufacturers were strongly confident in their ability to lift production from present levels,” Lima noted in the report. </p>
