PMI: Growth in India's manufacturing sector continues in February, with output almost the same as in January

The pace of growth in the country's manufacturing sector continued in February with new orders and production remain the same as in January. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) stood at 55.3 in February, a marginal change from January's 55.4.

The PMI data for February pointed to improving overall operating conditions for the 20th consecutive month. In PMI parlance, a figure above 50 means expansion while a score below 50 indicates contraction.

India's manufacturing industry continued to post strong growth in production and new orders during the first half of the last fiscal, said a survey released on Wednesday. However, the rate of international sales expansion has slowed significantly.

Companies indicated only a mild strain on their operating capacities, with a slight increase in outstanding business in February and a marginal increase in the number of jobs.

According to the survey, 98 percent of the panellists reported no change in employment. Pauliana de Lima, associate director of economics at S&P Global Market Intelligence, said job creation failed to gain meaningful traction because firms did not have enough workers to meet current needs.

Also Read: Elon Musk became the world's richest businessman: with a net worth of Rs 15.4 lakh crore, Arnault was overtaken, Tesla shares rose 90% this year