India's April manufacturing activity 2nd strongest in 3.5 years
India's manufacturing sector experiences robust growth in April, fueled by strong domestic demand, according to recent survey data.
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In April, India's manufacturing sector experienced its second-fastest expansion in three and a half years, propelled by robust domestic demand. Despite a slight decrease from 59.1 in March to 58.8 in April, the HSBC India Manufacturing Purchasing Managers' Index (PMI) highlighted the sector's strong performance. This index, which surpassed both the neutral mark of 50 and its long-term average of 53.9, signifies ongoing growth in manufacturing activities.
Since the relaxation of COVID-19 restrictions, the manufacturing industry has seen a remarkable recovery, largely due to sustained domestic demand. The PMI survey, conducted by S&P Global, involves input from purchasing managers across approximately 400 manufacturing firms.
The survey results indicate a positive trajectory for India's manufacturing industry, with solid expansion in April signalling a promising outlook. Despite challenges, the sector's ability to adapt and thrive amidst changing circumstances reflects its importance in driving economic growth and stability.
