INDIA’S private sector grew faster in April, with strong expansion in both manufacturing and services, according to HSBC’s latest flash Purchasing Managers’ Index (PMI) data.
The HSBC Flash India PMI Composite Output Index rose to 58.3 in April, up from 57.0 in March, indicating solid growth compared to the longterm average. The improvement comes after a slower March. Businesses reported better demand and a pickup in activity. The survey noted that overall output and new orders increased at a faster pace at the start of the new fiscal year, supported by capacity expansion, stronger demand, more new work, and technology investments ‘Aggregate activity and new orders in India’s private sector expanded at quicker rates at the start of this fiscal year, after growth receded in March due to the Middle East war,’ The report noted, Manufacturing emerged as the key driver of growth.
The report highlighted that ‘manufacturing led the resurgence with notable rebounds in rates of increase for output and sales,’ while goods producers recorded faster increases in both output and new orders compared to services firms. — ANI
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