New Delhi: India’s manufacturing output rose for the eighth straight month in November as record low interest rates and tax cuts spurred consumer spending.
HSBC Holdings Plc and Markit Economics’ Purchasing Managers’ Index stood at 53 last month compared with 54.5 in October, according to a report released on Tuesday.
That was the eighth monthly reading above 50, which indicates a gain in factory production.
The home market remained the main driver of total new order growth, as new export business increased only modestly, Robert Prior-Wandesforde, senior Asia economist at HSBC Holdings in Singapore, said.