New Delhi: The Manufacturing Purchasing Managers’ Index of India surged to a 31-month high in May. The Manufacturing Purchasing Managers’ Index touched 58.7 in May from April’s 57.2. It remained above the 50-mark separating growth from contraction for a 23rd consecutive month.
The PMI is a weighted average of the five indices, namely New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%). The index is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.