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Manufacturing PMI rises to 56 in Nov
Financial Express Mumbai
|December 02, 2023
INDIA'S MANUFACTURING PURCHASING Managers' Index (PMI), compiled by S&P Global, rose to 56.0 in November from 55.5 in the previous month, driven by robust demand and easing inflationary pressures.
However, with the November print, the manufacturing PMI has averaged 55.8 in the first two months of Q3FY24, which is much lower than 57.9 in Q2FY24 and Q1FY24.
The high-frequency data comes close on the heels of the National Statistical Office (NSO) on Thursday revealing that gross value added (GVA) in manufacturing rising 13.9% in the September quarter, though on a weak base (-3.8%).
The third quarter of any fiscal generally provides a boost to manufacturing activity in the country in the backdrop of festive season.
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