In March, the HSBC Flash India composite Purchasing Managers’ Index (PMI) increased to 61.3, the highest in eight months, from 60.6 in February, due to strong demand conditions that boosted growth and sales, according to S&P Global.
The growth was mainly driven by a significant rise in manufacturing output, with both domestic and export orders showing improvement. Service providers also experienced a rise in business activity similar to February.
The index, which measures the combined output of India’s manufacturing and service sectors, is compiled from surveys of around 400 manufacturers and service firms. In March, new export orders saw the fastest expansion in seven months, with increased buying levels and input inventories also expanding.
Price pressures increased for private sector companies, leading to higher output charges. Despite this, business optimism improved in March, driven by expectations of continued growth and favorable economic conditions.
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