Good news for the economy after GDP growth, manufacturing sector reaches 31-month high

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Good news is continuously coming for the economy of India. A day ago better figures were seen than the GDP estimates. On Thursday, the data of the manufacturing sector is also giving a lot of relief. The manufacturing sector PMI has reached a 31-month high in the month of May. According to the PMI survey, there has been an increase in new orders in the month of May and more and more employment opportunities have been created. Because of which there has been an increase in the manufacturing sector.

31 month high

The manufacturing PMI of S&P Global India has increased to 58.7 in May. Whereas in the month of April it was 57.2. This data of PMI has been seen the best after October, 2020. The PMI data of the manufacturing sector that has come out for May has seen more than 50 points for 23 consecutive months. This means that better growth is being seen in the sector. A reading below 50 indicates weakness in the sector.

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Increased demand in the international market

According to Poliana De Lima, Associate Director of S&P Global Market Intelligence, PMI figures clearly show that the demand for India’s products remains strong in the domestic market as well as in the international market. According to him, the base of the economy is very strong due to the increase in domestic level orders. Apart from this, due to the increase in demand in the international market, India’s dominance in the global market has increased. According to the figures, the international sale of companies has reached a six-month high.

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