New Delhi : India’s manufacturing sector in January expanded at the strongest pace in the past 10 months, largely driven by faster growth in export amd domestic orders, an HSBC survey said.
The HSBC India Manufacturing Purchasing Managers’ Index- a measure of factory production – stood at 51.4 in January, up from 50.7 in December, the highest reading since March 2013.
India’s manufacturing sector activity expanded for the third consecutive month in January. A PMI reading of above 50 differentiates growth from contraction.
“Manufacturing activity moved into higher gear led my faster growth in new orders,” HSBC Chief Economist for India & ASEAN Leif Eskesen said.
According to HSBC, new orders expanded in January at the quickest rate in ten months, with stronger demand from both domestic as well as overseas clients.