New Delhi, January 3 (IANS). Employment in India’s manufacturing sector increased for the 10th consecutive month in December. Along with this, the growth rate of jobs has been the fastest in the last four months. This information was given in a report.
The HSBC India Manufacturing PMI report said that almost one in every 10 companies is hiring more staff. Only less than 2 percent of companies want to cut jobs in 2024.
The report said that along with employment, manufacturing activities in India also increased in December. This was the 10th consecutive month when there has been an increase.
The report said that the improving availability of new work prompted manufacturing companies in India to purchase additional inputs for use in production processes. Even in December, the manufacturing growth rate remained above its trend.
HSBC economist Ines Lam said there was some pickup in the rate of growth of new export orders, which rose at the fastest pace since July.
Lam further said that the increase in input prices moderated slightly. However, Indian manufacturers are facing intense cost pressure.
“New export sales grew slower than total new business. However, companies were able to secure orders from around the world,” the report added.
Looking to 2025, Indian manufacturers are confident of increasing production.
Optimism refers to expectations of advertising, investment and favorable demand. Yet sentiment has been weighed down by concerns about inflation and competitive pressures.
“Input inventories, procurement growth and shorter lead times pointed to another monthly increase,” the report said.
—IANS
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