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India’s composite PMI hits 8-month peak in April on strong demand
Industry News- Apr 25,25
Manufacturing led the momentum, with its PMI reaching a one-year high of 58.4, up from 58.1.
India’s private sector activity accelerated to an eight-month high in April, buoyed by robust domestic demand and a sharp increase in foreign orders, especially for manufactured goods, according to the HSBC Flash India Composite Purchasing Managers’ Index (PMI) by S&P Global.
The Composite PMI rose to 60.0 in April from 59.5 in March, signalling the fastest expansion in combined manufacturing and services output since August. A reading above 50 indicates growth.
Manufacturing led the momentum, with its PMI reaching a one-year high of 58.4, up from 58.1. The services PMI also strengthened, rising to 59.1 from 58.5 — its highest in four months.
The upswing was driven by a surge in goods production and new orders, including a jump in export orders to their highest level since September 2014. The manufacturing sector posted its strongest performance in over 15 years, aided by India's rising profile as a global manufacturing alternative amid China’s trade challenges.
In response, both sectors ramped up output and hiring, with manufacturing employment hitting its highest level since March 2005.
(TOI)
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