India's manufacturing PMI continues to grow; rise to 57.2 in April

India's manufacturing PMI has expanded to 57.2 in April from 56.4 in March. This comes as the 22nd month of manufacturing PMI remaining above 50.

A PMI reading of above 50 indicates expansion in manufacturing and below represents contraction. “Several indices pointed to more favourable operating conditions across India's manufacturing industry in April. Factory orders and production rose at the strongest rates in 2023 so far, companies stepped up input purchasing owing to stock-replenishment efforts," said S&P Global's survey.

As per Business Standard, holdings of finished products decreased in April and the pace of depletion was moderate, though the fastest in four months. Wherever a contraction was signaled, monitored firms mentioned that sales had been fulfilled from warehoused items.

As per S&P Global, Factory order and production rose at the strongest rates in 2023 so far. More jobs were created and more companies stepped up input purchasing owing to stock-replenishment efforts.