India's manufacturing sector posted a remarkable performance
at the end of the final fiscal quarter, as growth of factory orders and
production quickened to the strongest in three months. With pressure on supply
chains subsiding and raw material availability improving, input cost inflation
retreated to its second-lowest mark in two-and-a-half years. Subsequently,
goods producers concentrated on rebuilding their stocks. Robust increases in
buying levels in recent months supported a near-record accumulation of input
inventories in March. The seasonally adjusted S&P Global India
Manufacturing Purchasing Managers’ Index rose from 55.3 in February to
56.4 in March, signalling the strongest improvement in operating conditions in
2023 so far. That said, the PMI average for the final fiscal quarter (55.7)
came in below that recorded in the prior period (56.3 in Q3).
March GST collections rose 13% yoy to INR 160,000 crs, second highest since July 2017.
The Services PMI will be released on April 5. The reading for the month of February came in at 59.40 with the composite index seen at 59.00
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