India's factory growth accelerates in October

BENGALURU, Nov 04 (Reuters): India's manufacturing growth gained momentum in October after decelerating for three months as demand improved significantly, helping in job creation and leading to a better business outlook, according to a business survey released on Monday.
The HSBC final India Manufacturing Purchasing Managers' Index INPMI=ECI, complied by S&P Global, rose to 57.5 in October from an eight-month low of 56.5 in September and was above a preliminary estimate of 57.4.
"India's headline manufacturing PMI picked up substantially in October as the economy's operating conditions continue to broadly improve," noted Pranjul Bhandari, chief India economist at HSBC.
"Rapidly expanding new orders and international sales reflect strong demand growth for India's manufacturing sector."
The output and new orders sub-indexes rose to three-month highs with a notable increase in demand.
International demand improved from a year-and-a-half low in September. A desire for Indian goods lead to orders from Asia, Europe, Latin America and the US.