Rise in PMI to 56.4 in March indicates expansion in manufacturing activity

New Delhi, Apr 3 (KNN) S&P Global Purchasing Managers' Index (PMI) in March was recorded at 56.4 which is an increase from February's 55.3 marking a continued expansion in India’s manufacturing sector activity.

A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction.

The March PMI print is at a three-month high which is the 21st consecutive 50-plus print for India's manufacturing PMI.

“India's manufacturing sector posted a remarkable performance at the end of the final fiscal quarter, as growth of factory orders and production quickened to the strongest in three months,” S&P Global releasing the data.

“Firms suggested that marketing efforts bore fruit. Demand resilience and competitive pricing were also cited as growth drivers,” it added.

With new export orders rising in March foreign demand for Indian goods increased too.

However, compared to historical levels, the rise in new export orders was subdued.

The improvement in manufacturing activity will brighten the mood of policymakers who have seen the sector take a backseat in recent months while services activity has hit new highs, it said.  (KNN Bureau)