The year 2022 came to an end on a bring note for the factories in the country. The business conditions and work pace has been increasing at a rapid pace in India post-covid-19. As per a survey, there has been a rise in the number of companies with new orders and more production to meet that demand.
A rise in Manufacturing purchasing managers Index
In December, the manufacturing purchasing managers’ index rose to 57.8. It was much more than the previous month. Also, it was more than the projection which is good news. It was the highest in the last month of the year. Meanwhile, it crossed the 50 mark in October itself.
As per data, India is in a much better position than other wealthy and developed nations. Also, as the third largest economy of Asia, it has been performing better than other emerging economies around the globe.
Keeping note of this great start in the previous year, the factories in the country performed well throughout the year. While it ended the year on a strong note. If the trend continues, 2023 can keep the sector in a nice better position.
Increase in Export by Indian Factories
The high demand compelled the companies to take new measures to enhance their manufacturing. At the same time, there was more purchase of materials for this purpose. Moreover, the companies hired more workers to scale the production levels of the inventories. Consequently, there was a rise in the input stocks.
Gradually, there was a rise in the number of orders and output that strengthened exports. However, the share of the increase in domestic demand was less. At the same time, the manufacturers increased the rates for their goods at a fast pace this year.
As the Indian factories are in a good position, it is expected to become stronger in the new year of 2023. There was only a slight dip in November while the index was at its highest in recent months.
Overall, the year 2022 brought the manufacturing sector of India back on track. Although there are questions over the industry owing to unstable global economic situations. Still, we can expect that the factories might be able to lift the production levels of 2022 further.