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

Posted on 1st Mar 2023 05:02 pm by rohit kumar

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

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