The manufacturing industry sustained robust growth of output and new orders halfway through the final fiscal quarter but there was a slowdown in the growth rate of international sales expansion.
India’s manufacturing activity changed little, almost remained flat, in the month of February, according to the S&P Global PMI data. Manufacturing PMI was recorded at 55.3 in February, as against 55.4 in January.
“The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index® (PMI®) was at 55.3 in February, little-changed from 55.4 in January and signalling a strong improvement in the health of the sector. The headline figure was also above its long-run average of 53.7,” stated S&P.
The manufacturing industry sustained robust growth of output and new orders halfway through the final fiscal quarter but there was a slowdown in the growth rate of international sales expansion. Companies continued to scale up input prices, and job numbers expanded only fractionally.
Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: “Growth momentum in India’s manufacturing industry was maintained in February, with new orders and output increasing at similar rates to January. Companies were confident in the resiliency of demand and continued to add to their inventories by purchasing additional inputs. Job creation failed to gain meaningful traction, however, as firms reportedly had sufficient staff to cope with current requirements. Indeed, there was only a marginal increase in their backlogs. Suppliers also appeared to have ample capacity to accommodate for rising input demand, shown by a stabilisation in delivery times.”
