Robust demand takes PMI mfg to 8-mth high
HSBC India Manufacturing PMI rose to 58.1 in March from 56.3 during Feb
New Delhi: India’s manufacturing sector growth rose to an eight-month high in March, driven by quicker increases in factory orders and production amid buoyant demand conditions, a monthly survey said on Wednesday.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) was at 58.1 in March, up from 56.3 in February, indicating a substantial improvement in the health of the sector that was above its long-run average. In February, India’s manufacturing PMI fell to a 14-month low amid softer increase in new orders and production.
In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction. Manufacturing sector growth in India recovered the ground lost in February, largely driven by a stronger contribution from its largest sub-component: the New Orders Index.
