India’s manufacturing PMI in December highest in over 2 years
Contents News/Article Date: 2nd January 2023
Relating to which Act: The Factories Act, 1948 and various States’ factories rules
Applicable to which State: the whole of India wherever factories and units are located
Type: News report by Live mint
Pertains to: all factories and workers
Relevance of this news: Karma Management Global Consulting Solutions Pvt Ltd. is a notable member of MSME for over a decade. Karma Global does a lot of compliance and legal work for a number of small and medium MSME Enterprises in relation to payroll, staffing, labour laws, HR services, training, and so on.
Karma Global also offers Factory Compliance Services such as:
- Renewal/ Exemption Certificates. …
- Maintenance of Statutory Record. …
- Compliances on Health, Safety and Welfare Measures. …
- Approval for Factory Building Plan. …
- Determination of Wages and Working Hours. …
- Vendor Audit and Surveys. …
- Factory Inspections. …
- Statutory Disclosures, Notices & Notifications.
The Factories Act together with Factories Rules is applicable to all factories which have employed 10 or more than workers on any day of the preceding 12 months, engaged in a manufacturing process being carried out with the aid of power or twenty or more than twenty workers are employed in manufacturing process being carried out without the aid of power.
Factories Act, 1948
Shops & Establishment Act
In this instance as per reports, India’s manufacturing industry finished 2022 on a solid note as business conditions improved at the fastest rate in over two years, a business survey showed. The manufacturing purchasing managers’ index, compiled by S&P Global, rose to 57.8 in December from November’s 55.7. The December reading was better than a Reuters poll median forecast of 54.3. December was also the highest since October 2020.
“MOJO” – A monthly journal from Karma Management, Edition 07 January 2023 – has just been released on 2nd January 2023 to all the clients and stakeholders of Karma Management through various social platforms, and trust the readings of the latest compliance news will benefit many of you.
Subject: India manufacturing PMI in December rises to highest in over 2 years
For greater details, appended below is the complete news item
India’s manufacturing PMI in December rises to the highest in over 2 years
India factory PMI – December’s reading was the highest since October 2020India factory PMI – December’s reading was the highest since October 2020
India manufacturing PMI: According to the survey, companies were being optimistic in their year-ahead outlook for production
India’s manufacturing industry finished 2022 on a solid note as business conditions improved at the fastest rate in over two years, a business survey showed. The manufacturing purchasing managers’ index, compiled by S&P Global, rose to 57.8 in December from November’s 55.7. The December reading was better than a Reuters poll median forecast of 54.3. December was also the highest since October 2020.
“Following a promising start to 2022, the Indian manufacturing industry maintained a strong performance as time progressed, wrapping the year with the best expansion in production seen since November 2021. Demand strength took center stage among the reasons provided by firms for improvements in many measures. Additional materials were purchased and extra workers hired as companies sought to supplement production and maintain healthy levels of inventories,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.
Today’s data cemented views that Asia’s third-largest economy is better placed than many other emerging economies to weather the impact of a potential global recession.
“While some may question the resilience of the Indian manufacturing industry in 2023 amid a deteriorating outlook for the global economy, manufacturers were strongly confident in their ability to lift production from present levels,” the S&P economist said.
According to the survey, demand resilience boosted sales growth in December, with the rate of increase picking up to the quickest since February 2021.
International demand for Indian goods also improved, but did so to a lesser extent than in November, the survey said. Overall, new orders from abroad rose at the slowest pace in five months as several companies reportedly struggled to secure new work from key export markets.
Cost pressures, according to the survey, remained relatively muted in December, with the overall rate of inflation little-changed from November and the second-slowest since September 2020.
“Underlying data indicated that price reductions for some raw materials partly offset increases elsewhere. Moreover, for the first time in close to two-and-a-half years, the rate of inflation for selling prices outpaced that seen for input costs, “the survey said.
According to the survey, companies were being optimistic in their year-ahead outlook for production. Demand buoyancy were cited among the key opportunities for growth prospects.