DailyBubble News
DailyBubble News

India’s manufacturing hits a 16-year high in March

India’s manufacturing sector reached a 16-year high in March, with a PMI of 59.1, according to a survey by S&P Global. This was the highest level recorded since February 2008. Despite falling slightly below HSBC’s projection of 59.2, the report showed a positive outlook for the sector.

Companies in India’s manufacturing industry are optimistic about future growth, with strong production, new orders, and job creation driving the expansion. New orders, both domestic and export, increased significantly, with exports to various markets growing at the fastest pace since May 2022.

While some economists believe the PMI survey may not accurately represent the entire manufacturing sector, recent estimates suggest India’s economy is on track for strong growth in FY24. The government’s focus on manufacturing growth, particularly in sectors like semiconductors, electronics, electric vehicles, renewable energy, and defense, is expected to fuel economic acceleration.

To support manufacturing, the government has increased infrastructure spending and introduced production-linked incentive schemes. Industrial output and retail inflation numbers also show positive trends, with the economy expected to outperform projections and remain the fastest-growing major economy globally.

Overall, the outlook for India’s manufacturing sector is positive, with growth expected to continue in the coming months. Sentiment remains high, driven by planned marketing, new product enquiries, and strong demand, despite some concerns about inflation.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x