Manufacturing sector activities showed momentum on the basis of international sales
New Delhi| On the basis of rapidly increasing new orders and international sales, the country’s manufacturing sector activities have recovered from an eight-month low and have regained momentum. The HSBC India Manufacturing Purchasing Managers’ Index (PMI) released rose to 57.5 in October, 2024. Manufacturing growth had fallen to an eight-month low of 56.5 in September.
Pranjul Bhandari, chief economist (India), HSBC, said manufacturing PMIs have increased significantly in the last month due to a comprehensive improvement in the operating conditions of the economy. New orders and international sales indicate strong growth in demand for India’s manufacturing sector. Due to this, Indian manufacturers also seem more optimistic about the production volume in future.
September saw strong growth in new export orders in October after the lowest growth in a year and a half. Indian manufacturing companies have received more new orders from other countries including Asia, Europe, Latin America and America. Companies recruited additional employees in the early third quarter to meet demand. The pace of appointments was higher than in September.
Globally, $500 billion is expected to be invested by this year in the solar sector. In 2023, it was $393 billion. Union Minister Pralhad Joshi said, leaving behind coal and gas in many solar sectors, Joshi said in an event on Monday, this investment is not only adding new capacity to the solar sector but also reducing the cost of solar energy across the world. Has been. Global solar investment was $144 billion in 2018.
