Shillong, June 1: With robust demand and output, India’s factory output increased in May 2023 at the fastest rate since October 2020.
According to the Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, this has not only given the economy a significant boost but also encouraged businesses to hire at the fastest rate in the previous six months.
While manufacturing has long been a source of difficulty for Asian rivals like China, Japan, and South Korea, it has recently been one of India’s main economic drivers.
May’s Manufacturing PMI increased from April’s 57.2 to a level over 2.5 years high of 58.7. For the 23rd straight month, the PMI, which distinguishes between expansion and contraction, has remained above 50.
According to Pollyanna De Lima, associate director of economics at S&P Global, “while the uptick in domestic orders strengthens the foundations of the economy, rising external business fosters international partnerships and boosts India’s position in the global market.”
Together, she continued, “they also produced more employment opportunities in May.”
