Mumbai: India’s Manufacturing Purchasing Managers’ Index (PMI) touched a 5-month high in February. The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global stood at 56.9 in February. It was at 56.5 in January. The uptick in factory production and sales, supported by both domestic and external demand is the cause of this growth.
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 5 months and fuelled the quickest increase in sales since last September and the strongest expansion in new export orders for 21 months.
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‘The HSBC final India Manufacturing PMI indicates that production growth continued to be strong, supported by both domestic and external demand. Goods producers mentioned that payroll numbers were sufficient for current requirements,’ said Ines Lam, Economist at HSBC.
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.
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