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Financial News: India Manufacturing Growth At 5-Month High

India Manufacturing Growth At 5-Month High

04/03/2017 - 01:32:00 (RTTNews)

(RTTNews) - India's manufacturing sector expanded at the quickest pace in five months in March, driven by stronger rises in output and new business, survey data from IHS Markit showed Monday.

The seasonally adjusted Nikkei manufacturing Purchasing Managers' Index, or PMI, climbed to 52.5 in March from 50.7 in the previous month. Any reading above 50 indicates expansion in the sector.

Both output and new orders grew at the fastest pace since October on strengthening demand conditions.

New work and output increased across the three monitored sub-sectors, with the upturn led by intermediate goods producers in both cases. New export orders also rose at a solid and accelerated pace.

Subsequently, manufacturers raised their employment level in March, with the rate of job creation accelerating to the quickest in almost four months.

On the price front, input prices rose further in March due to higher commodity prices. However, the rate of inflation eased to the weakest in four months and well below the long-run average. Similarly, the rate of charge inflation moderated during the month.

"Looking ahead, production volumes are likely to rise further as businesses will seek to replenish their stocks. Indeed, we saw a marked drop in inventories of finished items, alongside a stronger degree of confidence towards the year-ahead outlook for output," Pollyanna De Lima, Economist at IHS Markit, said.

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