India's manufacturing growth hits 8 months high in March-but export profit delay | Mint

The manufacturing sector of India expanded in its fastest rate in March in March in March, powered by a strong demand and a sharp increase in production, according to a private survey released on Wednesday. The HSBC India Manufacturing Purchasing Managers Index (PMI), compiled by S&P Global, rose to 58.1 in March from 56.3 in February and 57.7 in January. The index was 56.4 in December and 56.5 in November. A reading above 50 indicates extension. “The latest lecture shows a significant improvement in the health of the (manufacturing) sector that was above the long-term average,” the survey states. “March has expanded total sales since July 2024 to the greatest extent, with companies aware of positive customers stake, favorable demand conditions and successful marketing initiatives.” Despite strong domestic demand, the export of manufacturing has delayed a three-month low, although profits in Asia, Europe and West Asia were recorded. “India registered a 58.1 manufacturing PMI in March, which rose significantly from 56.3 during the previous month. Although international orders delayed slightly, the overall question momentum remained strong, and the new order index recorded an eight-month high of 61.5,” said Pranjul Bhandari, head of India. Rising demand has led to the falling firms in stock, causing the fastest drop in stocks in the finished goods in more than three years. Business sentiment remained positive, with about 30% of the firms expecting higher production the following year, compared to less than 2% expecting a decline, Bhandari added. India’s economic growth fell back to a slowdown in September in the December, but remained under the previous fiscal year’s pace. The GDP grew 6.2% in the Q3 FY25 – the slowest since the Q4 FY23, except for the revised Q2 FY25 estimate of 5.6%. For FY25, GDP growth is projected at 6.5% by the National Statistics Office (NSO). A calculation of GDP growth indicates that GDP growth in the last quarter of the year should have an average of 7.6% to align with the No’s second advanced estimate. Manufacturing production increased by 3.5% in Q3FY25, from 2.1% in the previous quarter, but significantly below the 14% and 7.5% recorded in Q4FY24 and Q1FY25 respectively. The sluggish growth weighed on overall GDP expansion. “Meanwhile, pre -production stock rose sharply in March, and at the fastest rate in five months,” the survey states. “In the end, favorable demand conditions, better customer relations and projects pending approval in the upcoming twelve -monthly forecasts for output levels,” he added. Catch all the business news, economy news, news reports and online updates on live mint. Download Themint News -APP to get daily market updates. Business Newsconomyindia’s manufacturing growth is 8 months high in March-but export profits worsen less