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September 03, 2007 18:17 IST
India's manufacturing sector has witnessed a sharp growth in August, with companies expanding production to meet the domestic as well as export demands, even as the inflationary pressures persisted, the latest ABN Amro Managers Index said.
The manufacturing sector has grown at the fastest pace since November 2006, with the seasonally adjusted ABN AMRO India Purchasing Managers Index jumping to 57.9 in August, its highest reading for the past nine months.
The PMI has risen sharply from 52.9 in July, the lowest reading in the 29-month history of the survey.
"This resurgence was driven by a solid pick-up in the level of new business and overall output. The new orders sub-component at 64.8 was also at its highest level since November last year, as a large proportion of people surveyed reported higher levels of incoming business, compared to the previous month," ABN AMRO Bank N V Senior economist Gaurav Kapur said.
Higher production requirements led firms to add to their workforces in August, leading to fastest employment growth for the eleven months, the report by business research firm NTC Economics, which produces monthly PMI series said.
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