Easing supply chain bottlenecks and commodity prices helped boost manufacturing to a 31-month high in May, a private monthly survey indicated on Thursday, a day after the government cited a Q4 manufacturing rebound among factors behind a 7.2% economic growth rate in the last fiscal.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) edged up from 57.2 in April to 58.7 in May, marking the 23rd straight month of gains. A figure of 50 separates expansion from contraction.
“May data indicated a sharp and accelerated increase in quantities of purchases, with the rate of expansion quickening to the strongest in over 12 years. According to survey members, ongoing increases in new business and efforts to replenish the stocks underpinned growth of buying levels," the PMI report said.
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