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MANUFACTURING ACTIVITY REACHES A NEAR 8-YEAR HIGH IN JANUARY

Why in news?

Sharp rise in demand drives growth of new business, exports, jobs: IHS Markit

Details:

  • The country’s manufacturing sector activity climbed to a near eight-year high in January, driven by a sharp rise in new business orders amid a rebound in demand conditions that led to a rise in production and hiring activity
  • Business sentiment strengthened and there were softer rises in both input costs and output charges
  • IHS Markit India Manufacturing Purchasing Managers’ Index rose from 52.7 in December to 55.3 in January, its highest level in just under eight years
  • Hiring activity also rose, with firms increasing employment at the quickest rate in close to seven-and-a-half years
February 2024
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