Current Trends in Indian Economy
Manufacturing ends 2022 on a high note
- As per the S&P Global India Manufacturing Purchasing Managers’ Index (PMI), India’s manufacturing sector recorded its sharpest increase in output in 13 months in December 2022, with new orders rising at the fastest pace since February 2021.
- However the selling prices surged more than input costs for the ﬁrst time in two and half years.
- The seasonally adjusted PMI reading for December 2022 rose to 57.8 from 55.7 in November, reflecting ‘a robust improvement in the health of the sector that was the best seen since October 2020’.
- For the October to December quarter, the PMI averaged 56.3, the highest in a year.
- The Purchasing Managers’ Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors.
- PMI focuses mainly on the five major Survey Areas:
- New orders
- Inventory levels
- Supplier deliveries