NEW DELHI (dpa-AFX) - India's manufacturing growth remained robust in October despite softer increases in output and new orders, final survey data from S&P Global showed on Monday.
The HSBC manufacturing purchasing managers' index dropped to 54.7 in October from 55.1 in September. The flash score was 54.9. Nonetheless, any reading above 50 indicates expansion in the sector.
There was a sustained improvement in demand during October, reflecting a sharp rise in new orders. However, the rate of growth eased marginally from September's seven-month high. The rise in new business was led by favorable demand trends, new client wins, and successful marketing campaigns.
New export orders grew at the fastest pace in six months amid more gains from Bangladesh, Canada, Indonesia, Nepal, Oman, Saudi Arabia, Sri Lanka, the UK, the US, and the UAE.
The growth in output also softened since September due to a slowdown among intermediate goods makers.
On the price front, input price inflation eased to the lowest since February, and selling price inflation was the weakest in just under four years.
Manufacturers raised workforce numbers further, encouraged by higher production requirements and rising workloads. However, the pace of job creation eased marginally.
'Producers also increased input inventories to the greatest extent in eight months, building precautionary buffers to mitigate potential shortages and meet rising production requirements amid a volatile global environment,' Pranjul Bhandari, Chief India Economist at HSBC, said.
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