BENGALURU, Mar 21 (Reuters): India's business activity ended this fiscal year on a high note, expanding at the fastest rate in eight months in March, according to a business survey, suggesting the country would remain the fastest growing major economy. HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.3 this month from February's final reading of 60.6.
That extended the streak of expanding activity to 32 months. The 50-mark separates expansion from contraction on a monthly basis.
"Led by the strongest manufacturing output in nearly three-and-a-half years, the composite output index rose quickly," said Pranjul Bhandari, chief India economist at HSBC.
"New orders rose at a faster pace than in the previous month, and within that both domestic and export orders showed improved vigor."
Growth was led by the manufacturing sector, which has been one of the primary economic drivers over the past few quarters.
India's March business activity ends fiscal year on strong note
FE Team | Published: March 21, 2024 23:42:12
India's March business activity ends fiscal year on strong note
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