India's manufacturing sector growth remained stagnant in May. The S&P's monthly report on the Indian manufacturing outlook, released on Wednesday, said the purchase manager's index (PMI) for the manufacturing sector stood at 54.6 in May, up from 54.7 in April. This is indicative of a largely stagnant recovery activity in the manufacturing sector.
The report said that the rate of growth in new orders and production remained the same as last month, despite the jump in selling prices, showing signs of resiliency in demand. Note that a PMI above 50 indicates expansion, while a score below 50 indicates contraction. Poliana de Lima, associate director (economics) at S&P Global Market Intelligence, says India's manufacturing sector maintained a strong growth momentum in May. Thanks to the fastest growth in international sales, total new orders also increased. Seeing the demand flexibility, it continued its efforts to renew its stock and also hired additional people.
The report said that the rate of receipt of new export orders has also increased in May. This is the fastest and fastest expansion since April 2011. Manufacturing jobs also rose in May on the back of continued improvement in sales. Despite modest growth, the manufacturing sector's employment growth rate has become the strongest since January 2020. On the price front, May was the 22nd consecutive month when the cost of production increased. Companies recorded higher prices for electronic components, electricity, foodstuffs, metals, and textiles. According to the survey, business sentiment was adversely affected by inflation concerns in May and the overall level of business confidence was the second-lowest in two years.
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