India's factory activity improved in Sept as demand strengthened

By Reuters

India's factory activity improved last month as a recovery in the economy from the pandemic-induced slump boosted demand and output, according to a private survey, but firms reduced headcount at the sharpest pace since May. A hike in the Reserve Bank of India's key interest ratelooks to be a rare possibility until at least next fiscal yearand India's government said earlier this week it would continuewith its borrowing-backed spending to revive the economy. The Manufacturing Purchasing Managers' Index,compiled by IHS Markit, rose to 53.7 in September from 52.3 inAugust, staying above the 50-level separating growth fromcontraction for the third straight month.

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