News Brief
India's Manufacturing Sector Surges In February, Records Fastest Growth In Five Months: Report
Nayan Dwivedi
Mar 01, 2024, 12:21 PM | Updated 12:21 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
Also Read: Karnataka: Congress Pushes Through Temple Bill Again After Prior Legislative Council Defeat
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Nayan Dwivedi is Staff Writer at Swarajya.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.