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New Delhi: With the emergence of new Covid variant Omicron, the world has once again been sent oscillating between the hopes of pandemic going away and the fear of another deadly wave. But some numbers do instil new hope. India’s manufacturing sector grew, according to IHS Markit India Manufacturing Purchasing Managers’ Index (PMI), and the health sector played a pivotal role in its growth, in November.
According to a recent report by IANS, the headline seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose to 57.6 (index reading) in November as against a reading of 55.9 in October. Notably, the headline figure was well above its long-run average of 53.6.
The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month. The latest figures bring a piece of positive news for India.
As per the survey report, manufacturers stated that strengthening demand, improving market conditions and successful marketing boosted sales in November.
“The Indian manufacturing sector continued to expand strongly in November, as an accelerated rise in sales supported the fastest upturn in production for nine months,” the report was quoted as saying by IANS.
The report further stated an interesting fact when it said, “Companies scaled up input buying, which in turn led to the second-quickest accumulation in stocks of purchases since data collection started nearly 17 years ago.”
Amidst the news of the new variant being more transmissible than the previous ones, it is widely hoped that the trend of the numbers continues to go upwards.
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