Commodity manufacturing booms to 13-year high

New Delhi : The Indian economy took a big leap in October. Growth in India’s manufacturing sector, which is recovering from the Covid-19 epidemic, has reached a 13-year high.

The Purchasing Managers’ Index (PMI) released by IHS Market India rose to 58.9 points in October. It was at 56.8 points in the previous month. A PMI above 50 points indicates a rise, while a PMI below that indicates a decline. The rise in PMI is a good sign of overall economic growth in the third quarter of the current financial year. According to the PMI report, this is the best production growth since 2007, as well as the highest since 2008. In September, demand for mobile phones, home appliances and cars boosted the economy. It increased further in October.

Polyana de Lima, financial associate director at ISS Markets, said that the companies are confident that growth in sales will continue as raw material purchases rise sharply. New demand levels have risen after the Covid-19 restrictions were relaxed.

The highest increase in sales
The IHS Market Index is based on a survey of 40 manufacturers. Sales of middle-class goods appear to have increased the most. Demand for consumer goods and capital goods also increased. The relaxation of the Covid restrictions, better market conditions and improved demand helped make new work available in October.