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India's Manufacturing Growth Gains Momentum in October
India's manufacturing sector witnessed a resurgence in October, marking a significant improvement after three months of slow growth. A recent survey indicates a robust demand surge, leading to job creation and an optimistic business outlook.
The HSBC final India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 57.5 in October, up from an eight-month low of 56.5 in September and exceeding the preliminary estimate of 57.4.
Strong Demand Drives Growth
Pranjul Bhandari, chief India economist at HSBC, highlighted the substantial increase in the manufacturing PMI, stating, "India's operating conditions continue to improve." The rise in new orders and international sales demonstrates strong demand growth within the sector.
Key indices for output and new orders reached three-month highs, with international demand rebounding from a year-and-a-half low in September. This renewed interest has resulted in orders from regions including Asia, Europe, Latin America, and the U.S.
Job Creation and Inflationary Pressures
To accommodate the growing demand, companies hired more workers for the eighth consecutive month, potentially easing some government concerns about job shortages in well-paying roles. However, economists caution that job creation may remain subdued over the next year.
Inflationary pressures have increased, with both input and output prices rising at a quicker pace. Input cost inflation hit a three-month high, influenced by rising material costs, wages, and transportation fees. Firms have responded by passing these costs onto clients.
India's inflation reached a nine-month high of 5.49% in September, primarily driven by rising food prices, nearing the Reserve Bank of India's target range. Despite these pressures, a recent Reuters poll suggests a slim majority of economists expect a rate cut in December.
