Indian Economy News

Manufacturing PMI stood at a three-month high of 56.4 in March as input costs decline

  • IBEF
  • April 5, 2023

As per a private survey by S&P Global, the purchasing managers’ index (PMI) of India for manufacturing increased to a three-month high of 56.4 in March, from 55.3 in February. The reason behind this is the decline in the input costs and expansion of output.

The survey said that good marketing efforts, demand resilience, and competitive pricing can also be referred to as the growth drivers. Further, the Indian manufacturers anticipate that better customer relations, new products, and advertising will support sales and production for the next 12 months.

The manufacturing PMI data follows core sector data released on Friday by the state industry department. Eight infrastructure industries saw a 6% year-on-year (YoY) increase in production in February, with seven areas recording positive output growth.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.