Mfg activity hits 16-year high in March: Survey

Apr3,2024


New Delhi: action in country construction area reached its highest level in 16 years march Due to the strong increase in Output And new ordersA survey on Tuesday showed that this bodes well for overall economic growth.
HSBC India Manufacturing Purchasing Managers' Index (PMI) rose to 59.1 in March from 56.9 in February. The significant improvement in operating conditions reflected strong growth in new orders, output and input stocks as well as renewed job creation. The 50-point mark separates expansion from contraction. The survey is compiled from responses to questionnaires sent to purchasing managers at a panel of approximately 400 manufacturers.

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The manufacturing sector has recovered strongly post-pandemic and strong growth has propelled overall economic growth with GDP expanding by a sharp 8.4% in the October-December quarter.
The growth in new orders during March became the fastest in nearly three and a half years amid reports of a pick-up in demand. New work flow from both domestic and export markets was strong, reportedly reflecting better sales in Africa, Asia, Europe and the Americas. The survey results showed that new export orders grew at the fastest pace since May 2022.
Manufacturing output rose for the third consecutive month in March, and by the largest extent since October 2020. Growth accelerated in the consumer, intermediate and investment goods sectors. As was the case with new orders, investment goods manufacturers saw the fastest growth in output, according to the survey.
Innes said, “India's March manufacturing PMI reached its highest level since 2008. Manufacturing companies expanded hiring in response to strong output and new orders. Due to strong demand and a slight tightening in capacity, input cost inflation. “Increased in March.” Lam, economist at HSBC.



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