Factory growth at 16-year high

INDIA'S MANUFACTURING PURCHASING Managers' Index (PMI) surged to a 16-year high of 59.1 in March, while remaining in the expansion zone for 33 consecutive months, S&P Global said on Tuesday, citing "buoyant" demand conditions.

- PRIYANSH VERMA

However, several analysts discounted the data based on surveys among stakeholders, noting that the elevated PMI for such a long period wasn't in synchrony with output data from official agencies.

According to S&P Global, the HSBC India PMI climbed in March on the back of the "strongest increases" in output and new orders since October 2020, parallel to the second-sharpest upturn in input inventories in the history of the survey.

The PMI is an indicator which measures change in manufacturing activity across the country compared to the previous month.

QuantEco Research, said that the core sector data released by the government doesn't depict the "exuberance" which PMI shows.