India manufacturing PMI rises to 5 year high in December

Purchasing activity was reported to have deteriorated in December at the strongest rate since September, due to subdued demand conditions. Subsequently, firms raised their average selling prices at the fastest pace since February.

The country's manufacturing purchasing managers' index came in at 51.6 in December, decelerating from 51.8 in November, according to the National Bureau of Statistics (NBS).

The manufacturing sector employed less people as the sub-index of employment dropped 0.3 percentage points month on month to 48.5 in December.

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The survey's authors said a number of respondents signalled that they were receiving higher new orders from customers in North America.

Companies continued to shrink their payrolls last month, despite stronger increases in demand and production, but the rate of job losses was the slowest in nine months. "New export orders picked up", Orlik said. As a outcome, the sector observed a modest increase in pre-production inventories for the first-time since June. This led to a steep increase in output, with production rising for a 17th month. That said, the level of business confidence remained below the trend observed for the survey history. Strong business performance was underpinned by the fastest expansions in output and new orders since December 2012 and October 2016 respectively.

The rate of input cost inflation ticked down from November.

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Moreover, as consumer spending recuperated, firms were restricted in their ability to pass on higher cost burdens to clients which further placed upward pressure on firms' margins.

"Manufacturing operating conditions improved in December, reinforcing the notion that economic growth has stabilized in 2017 and has even performed better than expected", Zhengsheng Zhong, an economist at CEBM Group, said in a statement accompanying Tuesday's release.

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