(MENAFN- Qatar News Agency) India's manufacturing sector activity witnessed an expansion in November for the first time since July, driven by rising new domestic orders, an HSBC survey said today.
The HSBC India Manufacturing Purchasing Managers' Index (PMI) for the manufacturing industry climbed from 49.6 in October to 51.3 in November on the back of a rebound in new orders and output
This was the first manufacturing PMI reading above 50.0 since July and is the highest in seven months
The PMI reading of above 50 differentiates growth from contraction
"Manufacturing activity picked up, led by a rise in new domestic orders which helped pull up output growth," HSBC Chief Economist for India and ASEAN Leif Eskesen said
Meanwhile, according to official data released last Friday, the second quarter GDP figure is also an indication of an economic recovery, the Press Trust of India (PTI) reported
After sluggish growth in the first quarter, Indian economy grew by 4.8 per cent in the second quarter this fiscal due to improved performance of farm, manufacturing, construction and services sectors
HSBC further noted that manufacturing production rose for the first time in seven months during November
Moreover, the rise in new work intakes ended a five-month period of contraction.
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