There is tremendous growth in the manufacturing sector in India. India’s manufacturing sector growth reached its highest level in 16 years in March on the back of strong growth in output and new contracts. The seasonally adjusted ‘HSBC India Manufacturing Purchasing Managers’ Index’ (PMI) rose to 59.1 in March from 56.9 in February.
PMI above 50 indicates increase
Under PMI, an index above 50 means expansion in production activities, while a figure below 50 indicates a decline. HSBC economist Ines Lam said India’s March manufacturing PMI reached its highest level since 2008. Hiring increased due to strong production and new contracts in manufacturing companies.
PMI increasing for 33 consecutive months
Manufacturing output grew for the 33rd consecutive month in March. This is the highest increase since October 2020. The HSBC India Manufacturing PMI has been prepared by S&P Global based on responses to questionnaires sent to purchasing managers in a group of about 400 companies.
Jump in GST of March
Let us tell you, there has been a big jump in the GST collection for March 2024 on an annual basis. It has increased by 11.5 percent on annual basis to Rs 1.78 lakh crore. If March’s GST collection is included, the total GST collection in the financial year is Rs 20.14 lakh crore. This is 11.7 percent more than the last financial year. The average monthly GST collection this fiscal year stood at Rs 1.68 lakh crore, up from Rs 1.5 lakh crore a year ago.
(With inputs from PTI)
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