India’s Manufacturing Sector Growth Hits 8-Month High in March: PMI

India’s manufacturing sector witnessed robust growth in March 2024, reaching an eight-month high, driven by stronger factory orders and increased production, according to a monthly survey released on Wednesday.

The HSBC India Manufacturing Purchasing Managers’ Index (PMI) surged to 58.1 in March, up from 56.3 in February, indicating a significant improvement in the sector’s overall health. The latest PMI reading also remained well above its long-run average, signaling strong demand conditions.

The March rebound comes after a dip in February when India’s manufacturing PMI had dropped to a 14-month low, attributed to a softer increase in new orders and production.

Experts suggest that buoyant demand and improved business confidence have fueled the sector’s momentum, reinforcing optimism for continued expansion in the coming months.