Booster shot from GST cuts! Manufacturing activity jumps; October PMI rises to 59.2

India’s manufacturing sector continued to strengthen in October, building on solid momentum from September. The movement was lifted by improving domestic demand, GST relief measures and increased technology investments that boosted factory activity. According to the latest data released by S&P Global, the HSBC India Manufacturing Purchasing Managers' Index (PMI) rose to 59.2 in October, up from 57.7 in September, signalling a faster expansion in operating conditions. A reading above 50 indicates growth in the sector. “The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) - a single-figure indicator of sector performance - was up from 57.7 in September to 59.2 in October, indicating a quicker improvement in the health of the sector”. October’s expansion w