Why in news?
Sharp rise in demand drives growth of new business, exports, jobs: IHS Markit
- 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