Financial News: India Manufacturing Growth Remains Strong On Robust Demand

India Manufacturing Growth Remains Strong On Robust Demand

05/02/2024 - 03:38:00 (RTTNews)

(RTTNews) - India's manufacturing activity expanded at the second-fastest pace in three-and-a-half years, bolstered by strong demand conditions, survey results from S&P Global showed on Thursday.

The seasonally adjusted HSBC Manufacturing Purchasing Managers' Index dropped to 58.8 in April from 59.1 in March. Nonetheless, a score above 50.0 indicates expansion.

Indian goods producers received strong demand in April from both internal and foreign customers. However, the domestic market remained the main driver of growth.

The sharp upturn in total new orders was spurred by healthy demand trends and successful marketing campaigns.

Output expanded at the second-strongest rate in three and a-half years on the back of sustained improvements in demand, favourable economic conditions, and greater sales volumes.

Stocks of purchases grew sharply in April amid expectations that demand conditions would remain conducive to growth-supported inventory-building initiatives.

On the price front, input price inflation accelerated due to higher prices for aluminium, paper, plastics, and steel. As a result, selling price inflation quickened to a three-month high.

India manufacturers remained confident about their production outlook over the next year on the back of expectations that demand will remain buoyant. In turn, manufacturers hired additional staff, and the pace of job creation was the quickest since September 2023.

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