India's manufacturing PMI® has painted a notably positive picture for the sector this May. Demand conditions have strengthened with factory orders rising at the fastest pace since January 2021. This surge in sales paved the way for stronger increase in production, employment, and quantities of purchases. With supply chain-conditions improving further, companies noted a record accumulation in input inventories. Meanwhile, cost pressures remained historically mild, but demand strength facilitated a solid and quicker increase in output charges.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index® rose from 57.2 in April to 58.7 in May, indicating the strongest improvement in the health of the sector since October 2020. Out of the five PMI sub-components, stocks of purchases showed notable vigour, increasing at an unparalleled pace in May. Monitored companies indicated that better supply-chain conditions and sustained increases in input purchasing boosted inventory growth.
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