India PMI November 2021

India: Private-sector PMI increases further in November

The composite Purchasing Managers’ Index (PMI) produced by IHS Markit rose to 59.2 in November from 58.7 in October. Consequently, the PMI moved further above the 50-threshold, indicating an expansion in business activity from the previous month. The reading also marked the strongest pace of expansion since January 2012.

The services PMI decreased slightly from 58.4 in October to 58.1 in November, as sustained growth in new orders and output continued to support the services sector. That said, weaker foreign demand weighed on the pace of expansion in new orders in November. Moreover, on the manufacturing side, the PMI increased to 57.6 in November from October’s 55.9 due to healthier expansions in output and new orders, while headcounts increased modestly.

Commenting on the latest PMI data, Pollyanna De Lima, economics associate director at IHS Markit, said:

“Looking at the manufacturing and service sectors combined, the results are even more encouraging and bode well for economic performance in the third quarter of fiscal year 2021/22 so far. With production growth quickening considerably in November, private sector output expanded at the fastest pace since January 2012.”

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