India’s manufacturing growth hits on strong demand
Team Ambitiousbaba and AB are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “India’s manufacturing growth hits on strong demand”
Indian manufacturing activity growth has reached at the fastest pace in 10 months in November. It was happened due to a strong pick-up in demand but factories are worried about their future prospects due to higher inflationary pressure.
An easing of COVID-19 restrictions repelled demand and encouraged sales and it indicates the economy was on the path to normalization.
The index of purchasing managers went up to 57.6 in November from 55.9 in October. The recording was the highest since January and the fifth straight month above the 50-mark that classifies growth from contraction.
The Indian manufacturing industry goes forward to expand in November because of its growth gathering pace and advances indices generally pointing to further improvements in the future months.
The fact that firms purchased additional inputs at a stronger rate amid efforts to restock, combined with recurring declines in inventories of finished goods and tentative signs of a pick-up in hiring activity which indicates production volumes might likely to be expanded further in the near-term.
New orders improved acutely which is the strongest since February – it is mostly driven by domestic demand. That left in production arising for a fifth straight month and at the fastest pace in nine months.
To meet the elevated demand firms have raised their headcount and ending a three-month sequence of reduction. But the optimism was altered to some extent by zooming input price inflation.
Output prices continued to increase moderately which indicates additional cost burden was passed to client by firms.
The Reserve Bank of India is not anticipated to increase interest rates before the starting of next financial year. Indian economy is grew up by 8.4% in the July-September quarter from a year earlier, but economists said disruptions from the emerging Omicron corona virus variant risked slowing the recovery because of the country’s low vaccination rates.
Question & Answer:
Q1. What is the growth rate of Indian economy in July-September 2021?
Q2. Which month has indicated the fastest pace of Indian manufacturing activity in last 10 month?
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