Mumbai, March 1 (IANS) Healthy demand conditions accelerated the pace of India’s manufacturing sector output in February to a 14-month high, a key economic data showed on Friday.
As per the Nikkei India Manufacturing Purchasing Managers’ Index (PMI), the composite indicator of manufacturing performance showed an index reading of 54.3 in February from 53.9 in January 2019.
An index reading of above 50 indicates an overall increase in economic activity, or growth, and below 50 an overall decrease.
According to the PMI report, the latest figure was consistent with a robust improvement in business conditions that was stronger than seen on average over the 14-year survey history.
Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Principal Economist at IHS Markit and author of the report, said: “The Indian manufacturing sector made further progress midway through the final quarter of FY18, building on the accelerated upturn noted in January. Sharper growth in production and sales were matched by the establishment of new jobs.
“The upturn in employment was one of the best seen for six-and-a-half years, as goods producers sought to expand output capacities to meet strengthening demand from both domestic and external sources.”