India’s manufacturing sector achieved a significant milestone in March as the Purchasing Managers’ Index (PMI) surged to a 16-year high of 59.1, marking robust growth in output and new orders. This exceptional performance, reported by the HSBC India Manufacturing PMI, reflects the sector’s highest activity level since 2008.
The PMI data, compiled by S&P Global, highlighted a substantial increase in manufacturing activity, with the sector expanding for the thirty-third consecutive month. The growth was widespread across consumer, intermediate, and investment goods sectors, showcasing a positive trend in the industry.
Moreover, the survey revealed a notable uptick in employment levels, indicating a positive outlook for job creation. Despite a mild increase in cost pressures, manufacturers prioritized customer retention by keeping price hikes to a minimum. The surge in new orders, both from domestic and export markets, underlines the sector’s resilience and potential for further expansion.
This remarkable performance in India’s manufacturing PMI not only signifies a strong recovery but also sets a promising trajectory for the country’s economic growth, reflecting a positive sentiment and outlook for the industry.
