Team Blitz India
NEW DELHI: India’s manufacturing Purchasing Managers’ Index (PMI)sector closed out FY24 a stellar performance in March, a private survey showed. The HSBC India Manufacturing PMI rose to a 16-year high of 59.1 in March, from 56.9 in February.
While this number was the highest since February 2008, it was lower than HSBC’s preliminary estimate of 59.2. A reading of over 50 separates expansion from contraction.
India’s manufacturing output rose for the 33rd consecutive month in the final month as growth quickened across consumer, intermediate and investment goods sectors.
“(This) was on the back of the strongest increases in output and new orders since October 2020, parallel to the second-sharpest upturn in input inventories in the history of the survey,” the HSBC said in a press release.
Companies in March sought to build-up stocks as they expected improvement in sales, data showed. Capital goods emerged as the brightest area when it came to input buying and stockpiling.
