India experiences new high on its manufacturing growth

Category: International Trade Sub-category: Trade Glossary
Document type: news

"India's manufacturing in January grew at its fastest pace in almost 1½ years, boosted by a sharp rise in new export orders that underpin a recovery in the industrial sector," a survey declares.

The HSBC Market Purchasing Managers' Index (PMI),which is based on a survey of 500 companies,to 57.7 in January, its strongest reading since August 2008 and up from 55.6 in December.

"Any lingering concern that India's manufacturing recovery was tailing off should be well and truly put to rest by this strong release," said Robert Prior-Wandesforde, senior Asian economist at HSBC.

"A second consecutive rise in the PMI has taken the series to a new cycle high, consistent with ongoing double-digit rises in industrial production."

The new orders index rose to 62.9 from December's 60.1

Source: Indian Express