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New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s manufacturing sector growth climbed to a five-month high in February amid a sharper uptick in factory production and sales, supported by both domestic and external demand, a monthly survey said on Friday. The seasonally adjusted <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword> India Manufacturing Purchasing Managers' Index (<keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword>) rose from 56.5 in January to 56.9 in February, pointing to the strongest improvement in the health of the sector since September 2023. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. According to the survey, production rose at the fastest pace in five months and fuelled the quickest increase in sales since last September and the strongest expansion in new export orders for 21 months. "The HSBC final <keyword id="20786951" type="General" weightage="20" keywordseo="india-manufacturing-pmi" source="keywords">India Manufacturing PMI</keyword> indicates that production growth continued to be strong, supported by both domestic and external demand," said <keyword id="20412326" type="General" weightage="20" keywordseo="ines-lam" source="keywords">Ines Lam</keyword>, Economist at HSBC. Despite the uptick in growth momentum, manufacturing employment in India was little-changed. "Goods producers mentioned that payroll numbers were sufficient for current requirements," the survey said. On the inflation front, purchasing cost inflation retreated to a 43-month low, with selling charges increasing to a lesser extent as a result. The input costs witnessed the slowest rise in over three-and-a-half years. Manufacturing firms' margins improved as input price inflation slipped to the lowest since July 2020, Lam said. Besides robust domestic demand, new export orders rose at the fastest rate in nearly two years, with Australia, Bangladesh, Brazil, Canada, mainland China, Europe, Indonesia, the US and UAE as sources of demand growth. Manufacturing firms scaled up buying levels in response to greater production requirements, sustained increases in sales and to build safety stocks, the survey said. Going ahead, manufacturers have a bullish business outlook amid buoyant demand conditions. February survey data indicated sustained optimism among manufacturers regarding the year-ahead outlook for production. The overall level of confidence was the second highest since December 2022. "Buoyed by robust demand and improving profit margins, manufacturers have an optimistic outlook about future business conditions," Lam added. The HSBC India Manufacturing PMI is compiled by S&amp;P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

India's manufacturing sector growth hits five-month high in Feb on robust demand

New Delhi, The services sector growth in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> rose to a six-month high in January as new business expanded at a faster pace amid buoyant demand from domestic and external clients, a monthly survey said on Monday. The seasonally adjusted <keyword id="20073680" type="General" weightage="20" keywordseo="hsbc-india-services" source="keywords">HSBC India Services</keyword> <keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword> Business Activity Index rose to 61.8 in January, up from 59 in December, pointing to the sharpest rate of expansion in six months. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies. "India's services PMI rose to a six-month high in January. New business expanded at a faster pace and managers' expectation for future activity was strong. The new export business index accelerated, signalling that India's services exports remained robust," <keyword id="20412326" type="General" weightage="20" keywordseo="ines-lam" source="keywords">Ines Lam</keyword>, Economist at HSBC, said. New export sales rose at the fastest pace in three months. Monitored firms signalled gains from clients across the globe, including Afghanistan, Australia, Brazil, China, Europe, the UAE and the US. On the prices front, companies noted a further increase in their overall expenses at the start of the 2024 calendar year, with food, labour and freight identified as the key sources of cost pressures. However, with the vast majority of panellists opting to leave their charges unchanged and only 6 per cent hiking them, output prices rose to the least extent in 11 months. According to the survey, business confidence has strengthened further. Besides demand strength, firms expect investment and productivity gains to induce output growth in the year ahead. Meanwhile, the <keyword id="20459348" type="General" weightage="20" keywordseo="hsbc-india-composite" source="keywords">HSBC India Composite</keyword> PMI Output Index rose from 58.5 in December to 61.2, indicating the sharpest upturn since mid-2023. Composite PMI indices are weighted averages of comparable manufacturing and services PMI indices. Weights reflect the relative size of the manufacturing and service sectors according to official GDP data. "January data highlighted a further acceleration in growth of Indian private sector output, amid quicker increases at both goods producers and service providers," the survey said. Service providers led the upturn, although both segments recorded faster rates of expansion in new business, the survey added.

India's Jan services PMI hits 6-month high amid strongest upturn in new business since mid-2023

New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s manufacturing sector growth climbed to a four-month high in January as a sharper upturn in new orders boosted output growth amid mild cost inflation, a monthly survey said on Thursday. The seasonally adjusted <keyword id="20059888" type="General" weightage="20" keywordseo="hsbc-india-manufacturing-purchasing-managers" source="keywords">HSBC India Manufacturing Purchasing Managers</keyword>' Index (<keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword>) recovered from an 18-month low of 54.9 in December to 56.5 in January. The latest reading highlighted the strongest improvement in the health of the sector since last September. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. "India's final manufacturing PMI showed that manufacturing activity accelerated in January. Current output expanded on robust demand, with domestic orders growing at a faster pace than export orders," <keyword id="20412326" type="General" weightage="20" keywordseo="ines-lam" source="keywords">Ines Lam</keyword>, Economist at <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword>, said. Lam further added that "the input price index inched up, but manufacturers were able to pass on some of the cost pressures to consumers, as suggested by the small rise in the output price index." According to the survey, new orders placed with Indian goods producers rose at a sharp pace in January, and one that was the strongest in four months. Growth was reportedly boosted by marketing efforts and demand buoyancy. International sales also expanded at a quicker pace. Goods producers reported stronger demand from clients spread across Africa, Asia, Australia, Europe, the Middle East and the Americas. "Collectively, the rate of expansion in international orders was the fastest since last October," the report said. Goods producers collectively recorded the fastest increase in outstanding business volumes in 15 months, with demand strength reportedly exerting pressure on their capacities. Nevertheless, the vast majority of survey participants opted to keep payroll numbers unchanged in January. Companies scaled up input purchasing and became even more optimistic towards the year-ahead outlook for output. "New product enquiries and diversification, alongside demand strength and publicity, boosted business confidence in January. Panellists were at their most upbeat towards the year-ahead outlook for output in 13 months," the survey said. The HSBC India Manufacturing PMI is compiled by S&amp;P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

India's manufacturing sector growth climbs to 4-month high in Jan on sharper upturn in new orders

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India's manufacturing sector growth hits five-month high in Feb on robust demand

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India's Jan services PMI hits 6-month high amid strongest upturn in new business since mid-2023

PTI

India's manufacturing sector growth climbs to 4-month high in Jan on sharper upturn in new orders

PTI

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