India’s manufacturing output rises to 13-month high in December

India’s manufacturing output has risen to 13-month high in December. Country’s manufacturing sector activity ended in 2022 on a very positive note with December reporting output level best seen since November 2021.

Posting 57.8 in December, up from 55.7 in November, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) signalled the strongest improvement in operating conditions since October 2020.

The PMI average for the third quarter of the current fiscal year was the highest recorded in a year. The latest PMI data corroborates signs of robust economic activities signalled by other indicators like GST collections, which stood at 1.5 trillion rupees in December, the third highest level this fiscal and robust auto fuel sales.

The output of eight core sector industries grew 5.4 percent on year in November, recovered from their worst performance in 20 months in the previous month.