India’s manufacturing PMI rises to 59.2 in October, boosted by GST relief

The manufacturing sector in the country saw a strong expansion in October, with the HSBC India Manufacturing Purchasing Managers' Index (PMI) rising to 59.2, up from 57.7 in September, according to data released by S&P Global.The improvement reflects a quicker pace of growth in the health of the sector, supported by GST relief, productivity gains, and increased technology investments.

- TBG NETWORK

The HSBC India report stated, “The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index™ (PMI®) - a single-figure indicator of sector performance - was up from 57.7 in September to 59.2 in October, indicating a quicker improvement in the health of the sector». It highlighted that manufacturing conditions continued to strengthen through October as domestic demand remained robust. A faster increase in new orders boosted both output and purchasing activity, leading to a near-record expansion in input inventories. However, external sales saw slower momentum, rising at the weakest pace in ten months, indicating that the main driver of growth was the domest