The manufacturing PMI compiled by S&P Global rose to 57.2 last month from 56.4 in March, separating growth from contraction for the 22nd straight month above the 50 mark.
The April manufacturing PMI shows that India will remain one of the fastest growing major economies despite slowing global growth, which has dampened the pace in many other countries.
Driven by solid growth in new orders and output, India’s factory activity expanded at its fastest pace in four months in April, a private survey showed on Monday, indicating resilient demand and an encouraging outlook.
The survey results suggest that India will continue to be one of the fastest growing major economies despite slowing global growth, which has dampened the pace in many other countries.
The Manufacturing Purchasing Managers’ Index compiled by S&P Global rose to 57.2 last month from March’s 56.4, staying above 50 points, separating growth from contraction for the 22nd straight month and confounding expectations in one. reuters Voting to decline 55.8.
“Production growth took another step forward in April, reflecting a strong and sharp expansion in new orders. Companies are expected to report a relatively mild… It also benefited from pricing pressure, better international sales and improving supply-chain conditions.
“It looks like Indian manufacturers have abundant opportunities to maintain strength going forward. 2023 is expected to see strongest ever inflows, besides expanding capacities through job creation, lifting of input purchases. “
New orders and output both grew at their fastest pace since December, and helped firms resume hiring during April after their first decline in 13 months in March.
Foreign demand also expanded at the fastest pace in four months in April and optimism improved.
“Manufacturers are certainly bullish about growth prospects,” said De Lima, adding that pending approval of contracts, rising customer inquiries, marketing initiatives and evidence of demand resilience improved optimism from March’s eight-month low. Is.”
Input costs rose at a faster pace in April, the survey showed, although a recovery in demand meant companies were able to pass on some of the burden to customers, suggesting retail inflation is unlikely to slow anytime soon. is unlikely.
Inflation was expected to average 5.3 percent this fiscal year and 5.0 percent the next, well above the Reserve Bank of India’s 4.0 percent medium-term target, a different reuters Got the referendum.
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