Manufacturing sector growth rate at 14-month low in February!
Due to lack of new orders and reduced production, the growth rate in India's manufacturing sector has come down to a 14-month low in February. This was revealed in a monthly survey on Monday. The HSBC india Manufacturing Purchasing Managers Index (PMI) was recorded at 56.3 in february, down from 57.7 in January.
India's manufacturing sector growth is positive
In the language of PMI, a score above 50 indicates expansion in activities, while a score below 50 indicates contraction. HSBC Chief india Economist Pranjul bhandari said, even though production growth has been the weakest since december 2023, overall India's manufacturing sector growth has been positive in February.
Domestic and international demand is increasing
The survey said, although it is less than the 14-year high level in january, its pace of growth remained fast. The report also mentioned that there has been a tremendous jump in new export orders in february as manufacturers are taking advantage of the increasing demand for their products at the global level. Apart from this, due to domestic and international demand, manufacturing units are increasing purchasing activity and also increasing the workforce.
Employment is increasing in the manufacturing sector
Pranjul bhandari further says, business expectations also remained very strong. One-third of the participants included in the survey expected production to increase more in the coming year. On the employment front, manufacturers are hiring more and more people, so if seen in the perspective of job creation, its figure has been excellent except january alone.
click and follow Indiaherald WhatsApp channel