New Delhi, Nov 3:
India’s manufacturing sector expansion lost momentum in October as operational growth moderated from the previous month’s highs, according to the monthly survey conducted for the HSBC India Manufacturing Purchasing Managers’ Index (PMI). The headline seasonally adjusted PMI declined to 54.7 in October, down from September’s seven-month peak, signalling a softer though sustained improvement in overall business conditions.
The survey indicated that while overall output and order books continued to expand, workforce hiring remained subdued and business confidence regarding future output softened. Manufacturing firms cited adequate capacity to handle existing requirements, leading to restrained recruitment drives despite positive sales projections and successful domestic marketing campaigns.
A notable bright spot in October’s performance was the robust rebound in international trade, with new export orders expanding at the fastest pace recorded in six months. Goods producers reported strong commercial client acquisitions from a diversified footprint of overseas markets, including the United States, the United Kingdom, the United Arab Emirates, Saudi Arabia, Canada, Indonesia, and neighbouring South Asian economies.