India’s manufacturing sector activity witnessed an expansion in November for the first time since July, driven by rising new domestic orders, an HSBC survey said on Monday.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI) for the manufacturing industry climbed from 49.6 in October to 51.3 in November on the back of a rebound in new orders and output. This was the first manufacturing PMI reading above 50.0 since July and is the highest in seven months. The PMI reading of above 50 differentiates growth from contraction. “Manufacturing activity picked up, led by a rise in new domestic orders which helped pull up output growth,” HSBC Chief Economist for India and ASEAN leif Eskesen said.