Mumbai: India’s Manufacturing Purchasing Managers’ Index (PMI) rose to four-month high in January. The HSBC final India Manufacturing Purchasing Managers’ Index, compiled by S&P Global, in last month is at 56.5. It was at 54.9 in December. In December, the PMI touched 18-month low. It was at 56.0 in November 2023. It was at eight-month low level of 55.5 in October.
In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
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The PMI is a weighted average of the five indices, namely New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%). The index is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.
India will remain the fastest-growing major economy this year and next, bolstered by heavy government spending, according to a recent Reuters poll.
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