India PMI September 2021

India: Private-sector PMI jumps to the highest level since January 2012 in October

The composite Purchasing Managers’ Index (PMI) produced by IHS Markit rose from 55.3 in September to 58.7 in October. Consequently, the PMI moved further above the 50-threshold, indicating an expansion in business activity from the previous month.

The services PMI increased to 58.4 in October from 55.2 in September, as new orders and output increased at a faster pace. Moreover, on the manufacturing side, the PMI increased from 53.7 in September to October’s 55.9 due to healthier expansions in output and new orders, but headcounts fell.

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

“The recovery of the sector entered its third straight month, with firms scaling up activity at the fastest pace in ten-and–a-half years and creating more jobs. “That said, service providers were concerned that persistent inflationary pressures could deter growth in the coming year. Business confidence remained subdued in the context of historical data. “Companies’ expenses rose notably from September, which survey participants mainly linked to higher fuel, material, retail, staff and transportation costs.”

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