The ratings agency raised the economic growth projection for the next financial year to 10.3% from previously forecast 10%
Indian manufacturers increased production in September as they prepared for improved demand and stock replenishment
According to the monthly PMI survey, due to gradual demand rise and strong inflows of new work, the sector has witnessed a fast-paced growth.
The NCAER observation was supported by the EPFO data that showed Maharashtra and Gujarat accounted for about one-third of all jobs created in May
The Composite PMI Output Index, which measures combined services and manufacturing output, fell from 48.1 in May to 43.1 in June.