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2014-12-02

India’s manufacturing sector output improves at quicker pace

Consumer goods were the best performing of the broad areas monitored.

The manufacturing industry in India improved for the thirteenth month in a row in November. The growth is driven by stronger output and new orders, according to a survey conducted by HSBC India.

Foreign orders and buying activity also rose during the month, while employment remained broadly stable. However, a cautionary note was provided by the survey data regarding input costs and output charges, as inflationary pressures intensified.

The latest improvement in business conditions was solid overall. Consumer goods were the best performing of the broad areas monitored.

Pranjul Bhandari, Chief India Economist, HSBC told PTI, "Manufacturing activity accelerated further in November led by higher output and new orders. Domestic orders saw the biggest increase, even as new export orders continued to be strong. The sharp rise in input prices was surprising, but future prints may be lower as falling commodity prices eventually lead to softer intermediate good prices. Meanwhile, the pick-up in output prices could partly be signalling some revival in pricing power among businesses. Higher output and an uptick in final prices should convince the RBI to stay on hold in the upcoming meeting."

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