Key Points
New orders and production levels surged to a three-month high in March even as input cost inflation for manufacturing firms slipped to the second-lowest mark in two-and-a-half years, as per the S&P Global India Manufacturing Purchasing Managers Index (PMI)...
The seasonally adjusted PMI reading moved up from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023 so far..
This input buying streak was also spurred by lower costs, as close to 96% of firms surveyed by S&P Global reporting no change in cost burdens since February...
Despite the broader rise in orders and output, manufacturing firms outstanding business volumes grew only marginally at a pace that was the weakest in a year, compelling firms to desist from fresh hiring in March after 12 successive months of recording employment increases...
Moreover, the overall level of positive sentiment slipped to an eight-month low due to concerns surrounding competitiveness and general inflation, S&P Global found, even though firms expect new products, advertising and better customer relations to prop up sales in the coming year...
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