India's Manufacturing Remains Robust In October: Survey The Indian manufacturing industry again showed signs of resilience in October, with factory orders and production rising strongly despite losing growth momentum

A survey data published by S&P Global, on Tuesday, stated that the activity in the India's manufacturing sector remained robust in October on the back of new orders while pressures were contained and job creation rose at its fastest pace in nearly three years.

The seasonally-adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose slightly to 55.3 in October from 55.1 in September. In PMI, a reading above 50 depicts the expansion in the sector. The survey report further stated that firms were able to secure additional work in October, taking the current sequence of growth to 16 months and added that overall factory orders increased at an above-trend pace that was nonetheless the weakest since June.

"The Indian manufacturing industry again showed signs of resilience in October, with factory orders and production rising strongly despite losing growth momentum. The manufacturers continued to loosen the purse strings as they expect demand buoyancy to be sustained in coming months. There was a marked rise in input purchasing, with firms adding to their inventories to better align with client purchasing. Capacities were again expanded to accommodate for improving sales," said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, in a statement.

"On the employment front, there were signs of substantial capacity pressures at Indian goods producers as outstanding business volumes rose to the greatest extent in almost two years. Some firms responded to this by hiring extra workers," stated the survey.

The S&P Global India Manufacturing PMI is consisted of responses from a panel of around 400 manufacturers that is stratified by detailed sector and company workforce sixe, based on contributions to GDP.