MUMBAI, Oct. 3 (Xinhua) -- India's manufacturing growth dipped to a three-month low in September as depicted by purchasing managers' index (PMI) that fell to 55.1 during the month under review from 56.2 in August.
The index, compiled by S&P Global and released on Monday, remained above the 50-point mark separating growth from contraction for the 15th straight month as the September output remained strong despite global headwinds.
"The latest set of PMI data show us that the Indian manufacturing industry remains in good shape, despite considerable global headwinds and recession fears elsewhere," said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
The expansion is attributed to new business growth, expanded operating capacities along with demand resilience from both domestic and international clients that led to buoyancy in output, increased international sales, and a substantial uptick in new orders.
"There were softer, but substantial, increases in new orders and production in September, with some leading indicators suggesting that output looks set to expand further at least in the short-term as firms seek to fulfill sales contracts and replenish stocks," the economist said.
The overall level of positive sentiment seen in September was the best in over seven-and-a-half years, as per the S&P Global statement, though "currency risks and the impact of a weaker rupee on inflation and interest rates could derail optimism during October," Pollyanna De Lima said. ■
