21 March 2024 – A business poll found that India’s business activity expanded at the quickest rate in eight months in March, indicating that it will remain the fastest-growing major economy.
HSBC’s flash India Composite Purchasing Managers’ Index (PMI), calculated by S&P Global, rose to 61.3 this month from 60.6 in February. That extended activity growth to 32 months. Monthly expansion and contraction are separated by 50.
“Led by the strongest manufacturing output in nearly three-and-a-half years, the composite output index rose quickly,” said HSBC chief India economist Pranjul Bhandari. “New orders rose at a faster pace than in the previous month, and within that, both domestic and export orders showed improved vigour.” As organizations overcome obstacles and embrace opportunities, optimism reigns.
Conclusion
Manufacturing, a major economic driver in recent quarters, led growth. The manufacturing activity indicator rose to 59.2, its best since February 2008, from 56.9 the previous month. New orders for manufactured items in Asia’s third-largest economy grew faster than in three years. The services index fell to 60.3 in March from 60.6 last month, but activity remained strong.