According to the IHS Markit India Manufacturing PMI report released on Monday, demand growth drove India’s manufacturing sector production higher in April 2021.
As a result, the report stated that economic conditions in India’s manufacturing sector appeared favourable in April 2021, as companies increased production in response to increased demand.
As a result, the IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) increased from 55.4 in March 2021 to 55.5 in April 2021.
The PMI scale runs from 0 to 100, with a reading of more than 50 suggesting an overall improvement over the previous month.
Furthermore, the report stated that the consumer goods sector performed good, followed by capital goods, and then intermediate goods.
According to the study, although production and sales grew at modest rates since August due to the severity of the COVID-19 crisis, foreign orders increased at a faster pace.
“Moreover, as companies continued to raise their inventories, purchasing volumes increased at one of the fastest rates in over nine years.”
In addition, survey respondents recorded a sharp rise in input costs, the fastest since July 2014, as well as upward revisions to selling prices.
“Charge inflation reached its highest level in seven and a half years.”
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