January manufacturing growth at 18-month high: Survey
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January manufacturing growth at 18-month high: Survey

Last Updated: Monday, February 1, 2010, 11:37
 
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January manufacturing growth at 18-month high: Survey
Mumbai: India's manufacturing in January grew at its fastest pace in almost one-and-a-half years, boosted by a sharp rise in new export orders that underpin a recovery in the industrial sector, a survey showed.   The HSBC Markit Purchasing Managers' Index (PMI), based on a survey of 500 companies, rose to 57.7 in January, its strongest reading since August 2008 and up from 55.6 in December.   A reading above 50 means activity is expanding.   "Any lingering concern that India's manufacturing recovery was tailing off should be well and truly put to rest by this strong release," said Robert Prior-Wandesforde, senior Asian economist at HSBC.   "A second consecutive rise in the PMI has taken the series to a new cycle high, consistent with ongoing double-digit rises in industrial production."   The new orders index rose to 62.9 from December's 60.1.   "The most impressive part of the release was the more than 5 point jump in the new export orders index, which took it to its highest level since October 2007 and indicated that the recovery is by no means dependent on domestic demand alone," said Prior-Wandesforde.   On Friday, India's central bank surprised markets by raising banks' cash reserve requirements by more than expected and warned of mounting inflation, setting the stage for increasing interest rates in the coming months.   Bureau Report


First Published: Monday, February 1, 2010, 11:37


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