Buoyed by a growth in new orders and production, India’s manufacturing industry started FY23 on a high note even as inflationary pressures intensified owing to rising commodity prices, the Russia-Ukraine war and greater transportation costs, a private survey showed on Monday. The S&P Global India Manufacturing Purchasing Managers' Index was 54. 7 in April, up from 54 in March, highlighting a “solid and faster improvement in operating conditions across the sector”.
A reading above 50 indicates expansion in activity, while below that is a sign of contraction.
Input prices increased at the fastest pace in five months, while output charge inflation hit a 12-month high, the survey report showed. International sales grew “solidly” after having contracted for the first time in nine months in March.
Growth gathered momentum in the intermediate and capital goods segments, but there was a slowdown at consumer goods makers.
Moreover, the retreat of Covid restrictions continued to support demand, according to survey participants.
April marks 10 straight months of expansionary readings above 50 for manufacturing activity, but there has been a gradual yet consistent loss of momentum since the beginning of 2022.
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