India PMI October 2022

India: Composite PMI rises in October on stronger manufacturing and services sectors

The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 55.5 in October, up from September’s 55.1. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.

The Manufacturing PMI came in at 55.3 in October, up from Septembers 55.1, as stronger expansions of employment and input purchasing more than offset weaker expansions of output and new orders. Lastly, the Services PMI increased to 55.1 in October (September: 54.3). The sector gained momentum as new business growth accelerated despite rising inflation. Looking at prices across both sectors, in October, input inflation picked up from Septembers 22-month low, while output inflation remained stable at a joint seven-month low. Finally, manufacturing firms sentiment eased to a three-month low, while services firms sentiment rose to a near eight-year high.

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