Press Trust of India reported that India’s manufacturing sector “held steady” in the month of September supported by faster output growth and rising export orders, an HSBC survey said.

The HSBC India Manufacturing Purchasing Managers’ Index (PMI) - a measure of factory production, stood at 52.8 in September, same as in August.

The September reading of HSBC PMI points to a significant improvement in health of the manufacturing space as the sector witnessed the weakest growth rate in nine months in August.

The index has remained above the 50 mark, below which it indicates contraction, for more than three years now.

HSBC chief economist for India and ASEAN Leif Eskesen said “Economic activity in the manufacturing sector held steady supported by faster output growth and rising export orders. However, a rise in inventories may dampen output growth in coming months.”

Source - PTI

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