Factory orders and production rose at the strongest rates in 2023 so far, more jobs were created and companies stepped up input purchasing, owing to stock-replenishment efforts
India's manufacturing activity continued its growth momentum in March, signalling the strongest improvement in operating conditions so far in 2023, driven by resilience in demand and competitive pricing.
The India Manufacturing Purchasing Managers’ Index rose from 55.3 in February to 56.4 in March, according to IHS Markit. A print above 50 means expansion, while a score below 50 indicates contraction.
That said, the PMI average for the final fiscal quarter (55.7) came in below that recorded in the prior period (56.3 in the third quarter).
India's manufacturing activity expanded at the fastest pace in three months amid faster rises in new orders and output, the results of the purchasing managers' survey from S&P Global showed on Monday.
The S&P Global India Manufacturing Purchasing Managers' Index (PMI) moved up to 55.3 in October from 55.1 in September, indicating that the economic growth in the Indian manufacturing industry remained robust, and price pressures were contained.