India’s Manufacturing Sector Hits 16-Year High

India's Manufacturing Sector Hits 16-Year High/NDTV

VoM News Desk | April 2, 2024 | 08:45 PM IST | India | Follow on Google News

India’s Manufacturing Sector Hits 16-Year High

India’s Manufacturing Sector Hits 16-Year High

India’s manufacturing sector achieved a remarkable milestone in March, reaching its highest growth level in 16 years, driven by robust output and new orders, according to a monthly survey.

Surge in Manufacturing PMI: The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) soared to 59.1 in March, the highest since 2008, indicating strong expansion fueled by increased production, new orders, and job creation.

Manufacturing output expanded for the 33rd consecutive month, with notable growth observed across consumer, intermediate, and investment goods sectors. Both domestic and export markets contributed to the rise in new work, with export orders growing at the fastest pace since May 2022.

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