34.1 C
Delhi
Sunday, May 26, 2024

India’s manufacturing PMI dips to 58.8 in April from 59.1 in March

Date:

Share post:

Donate-GC-Razorpay

New Delhi: On the back of strong demand, India’s manufacturing activities continued to expand in April 2024 but the pace of growth moderated during this period, as per a survey findings published by S&P Global on Thursday.

The HSBC India manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 58.8 in April this year from 59.1 in the previous month.

A PMI print below 50 means contraction while above it shows expansion in activities.

As per the private survey, operating conditions in April this year improved at the second-fastest pace in three-and-a-half years. Further, it said that firms experienced a sharp upturn in new business intakes, and scaled up production accordingly.

The survey said that cost pressures ticked higher in the previous month, though remained historically mild, pushing up charge inflation to the strongest since January.

“April’s manufacturing PMI recorded the second fastest improvement in operating conditions in three-an-a-half years, bolstered by strong demand conditions which resulted in a further expansion of output, albeit slightly slower than in March,” said Pranjul Bhandari, Chief India Economist at HSBC.

Bhandari further said, “Improvements in suppliers’ delivery times contributed to increased purchasing activity. Additionally, a positive outlook for the year ahead prompted firms to expand their staffing levels. On the price front, higher costs of raw materials and labour led to a modest uptick in input costs, but inflation remains below the historical average.”

The HSBC India Manufacturing PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP (gross domestic product).

Related articles

Chief of Air Staff to review passing out parade at INA Saturday

Kannur (Kerala): Chief of Air Staff, Air Chief Marshal Vivek Ram Chaudhari will Saturday review the Passing Out...

FTII Pune wins top prize at Cannes Film School competition

Cannes: "Sunflowers Were the First Ones to Know", an entry from the Film and Television Institute of India...

Not every party is run by dictator: AAP tells PM

Chandigarh: The Aam Aadmi Party has hit back at PM Narendra Modi for his statement calling Punjab Chief...

Trump claims most Gaza hostages dead, reason why talks unproductive

Washington: Former President Donald Trump said during a campaign rally in New York City that he believes most...