News Brief
India's Manufacturing Sector Surges In February, Records Fastest Growth In Five Months: Report
Manufacturing industry sees robust growth. (Representative image)
In a latest development, India's manufacturing industry has experienced robust growth in February, recording its fastest expansion in five months, according to a survey.
The HSBC final India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 56.9 in February, surpassing January's 56.5 and beating a preliminary estimate of 56.7, reported Economic Times.
This marks the 32nd consecutive month that India's manufacturing PMI has remained above the 50-mark, indicating growth rather than contraction.
The strong growth in manufacturing comes amid accelerated global demand and reduced inflationary pressures.
Ines Lam, economist at HSBC, noted that production growth remained strong, supported by both domestic and external demand.
Also as per the survey, improved technology and increased sales contributed to greater output volumes, leading to an upturn in production.
While optimism about the future remained high, the survey indicated a marginal cooling in outlook compared to January.
However, despite the positive sentiment, the sector did not witness a significant increase in employment, as firms reported having sufficient staff for current workflow.
This positive outlook, coupled with muted inflation, is expected to prompt firms to build up stocks of raw materials.
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