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In February, the growth rate of India's manufacturing sector came to a 14 -month low. Seasternly adjusted HSBC India Manufacturing Purchase Manager Index (PMI) stood at 56.3 points in February, lower than 57.7 points in January. However, the manufacturing PMI remains in the expanding field.
New Delhi. India's manufacturing growth in February came to a 14 -month low amidst new contracts and low growth in production. This information was given in a monthly survey. Seasternly adjusted HSBC India Manufacturing Purchase Manager Index (PMI) stood at 56.3 points in February, lower than 57.7 points in January. However, the manufacturing PMI remains in the expanding field. The PMI key reflects the expansion of above 50, while the digit below 50 is a sign of contraction in activities.
Pranjul Bhandari, an economist in HSBC's India, said, although the production growth has come to the weakest level since December 2023, but the total speed in India's manufacturing sector was widely positive in February. The survey said that despite the 14 -year highest level of January, the speed of expansion was faster. The survey also stated that the new export order increased strongly in February, as the manufacturers continued to take advantage of the strong global demand for their goods. On the job front, manufacturers continued to expand their number of employees in February.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from the feed of PTI-language.
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