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Financial News: India Manufacturing Growth Hits 4-Month High

India Manufacturing Growth Hits 4-Month High

02/01/2024 - 01:36:00 (RTTNews)

(RTTNews) - India's manufacturing activity expanded at the fastest pace in four months in January amid positive demand trends, survey results from S&P Global showed on Thursday.

The seasonally adjusted HSBC Manufacturing Purchasing Managers' Index posted 56.5 in January, up from an 18-month low of 54.9 in December. A score above 50.0 indicates expansion.

Factory orders and output grew at the quickest pace in four months. Sales demand was more evident in the foreign markets, especially from clients spread across Africa, Asia, Australia, Europe, the Middle East, and the Americas.

On the price front, input price inflation rose to a three-month high in January due to higher transportation and wage costs. As a result, output charges rose at the fastest pace in three months.

Goods producers scaled up input purchasing and became even more optimistic about the year-ahead outlook for output.

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