India PMI April 2023

India: Composite PMI hits near 13-year high in April

The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 61.6 in April, up from March’s 58.4. April’s result was the best in nearly 13 years. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.

The manufacturing PMI came in at 57.2 in April, up from March’s 56.4. Lastly, the services PMI rose to 62.0 in April (March: 57.8).

In the manufacturing sector, output and new orders grew at a faster rate. Employment increased. Input inflation quickened but remained below its long-run average, while output inflation rose to a three-month high and equaled its long-run average. In the services sector, output and new orders grew at the fastest pace since June 2010. Employment rose marginally. Both input and output inflation rose. Finally, business sentiment rose in both sectors.

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