BENGALURU, Jan 2 Reuters India39;s manufacturing industry ended 2022 on a solid footing as business conditions improved at the fastest rate in over two years while growth in new orders and output accelerated, a business survey showed on Monday.

The manufacturing purchasing managers39; index, compiled by SP Global, rose to 57.8 in December from November39;s 55.7, better than a Reuters poll median forecast for 54.3.

December39;s reading was the highest since October 2020 and above the 50mark that separates growth from contraction for an 18th straight month. The survey was conducted December 619.

Monday39;s data cemented the view Asia39;s thirdlargest economy is better placed than many other emerging economies to weather the impact of a potential global recession.

Following a promising start to 2022, the Indian manufacturing industry maintained a strong performance as time progressed, wrapping the year with the best expansion in production seen since November 2021, noted Pollyanna De Lima, economics associate director at SP Global Market.

Demand strength took centre stage among the reasons provided by firms for improvements in many measures. Additional materials were purchased and extra workers hired as companies sought to supplement production and maintain healthy levels of inventories. Input stocks rose at a nearrecord pace.

While both new orders and output continued to grow strongly exports rose at the slowest pace in five months as slowing global demand weighed…