India’s purchasing managers’ index (PMI) for manufacturing rose to a 26-month high of 57.8 in December, marking the highest increase in new factory orders and production in more than two years. The average headline figure for the third quarter of FY23 (56.3) is the highest recorded since one year ago.
The survey released by S&P Global on Monday reflected factories improving employment and purchases. A survey print above 50 indicates expansion in manufacturing and below that represents contraction. PMI was 55.7 in November.
The survey noted that the December data highlighted a further increase in buying levels among goods producers as the rate of expansion was historically sharp and the strongest since May 2022.