March Manufacturing Activity at Fastest Pace in Eight Months

MANUFACTURING SECTOR GROWTH in India recovered the ground lost in February, picking up to its highest in eight months as a faster upturn in total sales underpinned a sharper increase in output, according to a survey by HSBC Holdings.

- FE BUREAU

The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) stood at 58.1 in March, from February's reading of 56.3, signalling a substantial improvement in operating conditions.

The survey showed the fastest drop in finished goods stocks in over three years.

Both new orders—a key gauge of demand—and output increased at their quickest rate since July.

However, export orders expanded at the slowest pace in three months, suggesting slowing global demand.