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India's Manufacturing Sector Gathers Momentum

India's manufacturing sector gathered momentum in October as firms raised their production on the back of stronger new orders, data from IHS Markit showed Thursday.

The Nikkei factory Purchasing Managers' Index rose to 53.1 in October from 52.2 in September. The current sequence of growth extended to 15 months.

Ongoing improvements in demand, coupled with technological advancements and favorable market conditions, prompted a stronger upswing in production.

Orders increased strongly on successful advertising efforts, underlying demand and competitive price setting. Further, manufacturers stepped up hiring in October, with job creation the strongest since last December.

The rate of input inflation was marked and broadly in line with its long-run average. Some manufacturers passed part of the additional cost burden on to their clients by hiking their charges.

The survey showed that Indian manufacturers were confident that output will be higher over the course of the next year.

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