India Manufacturing Growth Strongest In 10 Months

(RTTNews) - India's manufacturing sector expanded at the quickest pace in ten months on the back of another strong expansion in order books, data compiled by S&P Global showed on Friday.

The HSBC final manufacturing Purchasing Managers' Index rose slightly to 58.2 in April from 58.1 in March. The flash reading was 58.4. A score above 50.0 indicates expansion.

Output also grew at the quickest pace in ten months, led by a sharp rise in new business, which grew at the second-strongest rate for nine months due to robust domestic and international demand.

New export orders were also higher in April amid more client demand across Africa, Asia, Europe, the Middle East, and the Americas.

On the price front, input price inflation rose to a 4-month high in April amid higher costs for labor, leather, paper, rubber, steel, and transportation and building maintenance. As a result, the charge inflation accelerated to the highest level in over 11 years.

In line with growing output requirements, Indian manufacturers continued to add workforce numbers in April. Purchasing activity also increased, partly attributed to stock-building initiatives.