Indias manufacturing sector growth recovered the ground lost in February, picking up to its highest in eight months as a faster upturn in total sales underpinned a sharper increase in output. March's acceleration came despite a mild slowdown in international order growth. Buoyant demand led companies to tap into their inventories to meet increased client appetite, resulting in the most rapid decline in finished goods stocks since January 2022. Firms aimed to counter declining stock levels by acquiring additional inputs for their production processes at the quickest pace seen in seven months. Meanwhile, a stronger increase in purchase prices contrasted with a softer rise in selling charges. Registering 58.1 in March, the seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) was up from 56.3 in February to its highest mark in eight months. The latest reading showed a substantial improvement in the health of the sector that was above its long-run average.
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