Financial News: India Manufacturing Growth Hits 16-Year High

India Manufacturing Growth Hits 16-Year High

04/02/2024 - 02:28:00 (RTTNews)

(RTTNews) - India's manufacturing activity expanded at the fastest pace in sixteen years in March, underpinned by the quickest upturns in output and new orders, survey results from S&P Global showed on Tuesday.

The seasonally adjusted HSBC Manufacturing Purchasing Managers' Index rose to 59.1 in March from 56.9 in February. A score above 50.0 indicates expansion.

Both new orders and output grew at the steepest pace since October 2020.

The growth in new order inflows was attributed to buoyant demand conditions both at domestic and export markets, the latter reportedly reflecting better sales to Africa, Asia, Europe, and the US. The expansion in foreign orders was the fastest pace since May 2022.

The growth in production was more evident in the investment goods industry.

During March, employers increased their purchasing levels, and employment went back to positive territory.

On the price front, input costs rose at the fastest rate in five months amid higher costs for cotton, iron, machinery tools, plastics, and steel. Meanwhile, output charge inflation softened to the weakest in over a year.

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