Indian Manufacturing Continued To Surge In February
Last updated on February 9th, 2023 at 12:20 pm
While India shows a hopeful picture with robust manufacturing cycle reported, the coming months might be a trying time for the exports, industry experts say.
The onslaught of the coronavirus across the globe has shaken up the trade equations everywhere. February has seen a strong manufacturing streak that started at the beginning of the year. At 54.5 in February 2020, the headline seasonally adjusted IHS Markit India Manufacturing PMI held close to January’s near-eight-year high of 55.3. This signalled robust improvement in operating conditions across sectors.
Under the leadership of PM Narendra Modi, the country has reported an above 50 point mark in the manufacturing sector, showing an expansive streak. Modi has been advocating and encouraging entrepreneurial mindset and indigenous production that can meet both domestic and international demand.
Read: ‘India Can Fill The Market Vacated By China’- Assocham Secretary General
India continues to maintain robust medical standards and stringent checks in order to curtail any possible inflow of the virus. Thankfully, firms have reported higher sales citing reasons of successful marketing campaigns, strengthening demand and supportive economic conditions. There was a notable rise in new orders from abroad for the consumer goods sector and modest gains in the intermediate and capital goods sectors. This might remain unaffected despite the onset of the Covid-19 virus threat. While the threat might affect future projections, there is only a marginal increase in input costs and output charges therefore. Otherwise, the country is showing a good growth pattern with no real indication of any pressure from inflation in the manufacturing sector either.
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