According to statistics issued by S&P Global on Monday, manufacturing activity in India decreased to a 14-month low of 56.3 in February from 57.7 the month before. A slight loss of momentum in new orders and manufacturing was blamed for the decline. The manufacturing PMI continues to show a strong increase in the sector’s overall health.
Although it slowed to its lowest level since December 2023, the poll found that output and sales growth rates were still high for the study’s 20-year history. It stated that demand buoyancy kept charge inflation at a high level amid lower cost pressures, even as local and foreign demand remained favorable, leading businesses to boost purchasing activity and hire more people at above-trend rates. The rate of expansion slowed to a 14-month low despite a rise in purchasing activity.
According to S&P Global, panel members attributed the February data’s forty-fourth consecutive increase in new business intakes to high customer demand and efforts to outprice rivals. Although the total growth rate slowed to its lowest level since December 2023, it remained higher than its long-term average.
February saw a sharp increase in new export orders as producers continued to take advantage of the strong worldwide demand for their products, but it was less than January’s close to 14-year high. Although it slowed to its lowest level since December 2023, the poll found that output and sales growth rates were still high for the study’s 20-year history.
It stated that demand buoyancy kept charge inflation at a high level amid lower cost pressures, even as local and foreign demand remained favorable, leading businesses to boost purchasing activity and hire more people at above-trend rates. The rate of expansion slowed to a 14-month low despite a rise in purchasing activity. February saw a sharp increase in new export orders as producers continued to take advantage of the strong worldwide demand for their products, but it was less than January’s close to 14-year high.
Businesses stated that there was a great deal of optimism over growth prospects for the upcoming year, with customer demand predicted to sustain output and remain favorable. As demand growth continued to surpass production growth, unfinished business increased even more in February. Despite being modest, the backlog accumulation rate hit its highest level since January 2024, according to S&P Global.
