New Delhi. Factory activities have been affected to some extent due to reduced demand. This is the reason why India’s manufacturing activity has declined in September 2022. S&P Global’s Purchasing Managers’ Index (PMI) fell to 55.1 from 56.2 in August. This is a 3-month low. However, despite some slack, the good news is that companies have recruited new employees. This assessment was presented in the monthly survey released on Monday.

According to the news agency’s language, the PMI shows that growth in the manufacturing sector continued in September, as a PMI above 50 indicates growth, while below 50 indicates contraction. The PMI stood at 55.1 in September, indicating an increase in manufacturing activity. This is the 15th consecutive month that manufacturing has improved.

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Jobs increased
S&P’s PMI survey said the rate of manufacturing expansion remained at a historically high level, albeit slightly slower than in August. Companies hired additional employees to meet the need to increase sales and increase production. Due to the decrease in the cost price, the purchase of companies has also increased. According to the survey, companies’ manufacturing procurement costs rose at the slowest pace in two years, while headline inflation fell to a seven-month low.

Strong Indian manufacturing sector
Pauliana De Lima, associate director of economics at S&P Global Market Intelligence, said the new PMI data showed that the Indian manufacturing sector is in good shape despite global challenges and fears of a slowdown. New orders and production fell slightly in September, he said. But still there are some important indicators suggesting that production may increase in the near future.

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Performance during October may not match expectations due to currency risk and the impact of a weaker rupee on inflation and interest rates, Lima said. Along with this, many analysts believe that the Indian economy, which is considered to be the third largest economy in Asia, could grow the fastest in the whole world this year.

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Tags: Business News in Hindi., The economy, Manufacturing sector, PMI