India's manufacturing sector growth edged up in the month of October, fuelled by strong domestic demand, GST 2.0 reforms, productivity gains and increased technology investments. The HSBC India Manufacturing Purchasing Managers' Index (PMI) rose to 59.2 in October from 57.7 in September, according to data compiled by US-based financial intelligence provider S&P Global. The increase stemmed from quicker growth in new orders and factory output at the beginning of the third financial quarter, driven by boost in advertising and recent GST reforms. The expansion rate matched levels seen in August, which was one of the strongest in the last five years, it indicated. A reading above 50 indicates economic expansion, while one below 50 shows contraction in the manufacturing, services, or construction sectors. A reading of exactly 50 signifies flat activity. Despite input cost inflation easing to an eight-month low, output charge inflation remained at its highest level in 12 years for the second consecutive month. Companies reported passing on higher freight and labour costs to customers.Powered by Capital Market - Live News