NEW DELHI: Activity in the country manufacturing sector reached the highest level in 16 years March thanks to the strong increase exit It is new orderswhich bodes well for overall economic growth, a survey showed on Tuesday.
HSBC India's manufacturing purchasing managers' index (PMI) rose to 59.1 in March from 56.9 in February. The notable improvement in operating conditions reflected stronger growth in new orders, production inventories and inputs, as well as renewed job creation. brand separates expansion from contraction. The research is compiled from responses to questionnaires sent to purchasing managers from a panel of around 400 manufacturers.

The industrial sector recovered strongly after the pandemic and robust growth boosted global economic growth, with GDP expanding by a sizzling 8.4% in the October-December quarter.
New order growth accelerated to the fastest in nearly three and a half years during March amid reports of buoyant demand conditions. The flow of new work was reinforced both from the domestic and export markets, the latter allegedly reflecting better sales to Africa, Asia, Europe and the USA. New export orders increased at the fastest pace since May 2022, survey results showed.
Industrial production increased for the thirty-third consecutive month in March, and at the highest level since October 2020. Growth accelerated in the consumer, intermediate and investment goods sectors. As with new orders, the sharpest expansion in production was seen at investment goods manufacturers, according to the survey.
“India's manufacturing PMI for March rose to its highest level since 2008. Industrial companies expanded hiring in response to strong production and new orders. Due to strong demand and a slight capacity squeeze, cost inflation inputs increased in March”, said Ines. Lam, economist at HSBC.