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  3. Factory PMI rises to 51.4 in January; highest since March 2013

Factory PMI rises to 51.4 in January; highest since March 2013

03 Feb 2014 Evaluate

Suggesting an economic recovery on its way, Indian manufacturing activity witnessed expansion in January with activity growing at its fastest pace in nearly a year on the back of increased domestic and overseas orders. The HSBC Purchasing Managers’ Index (PMI), a headline index designed to measure the overall health of the manufacturing sector, rose to 51.4 in the month of January, highest since March, from 50.7 in the previous month.

The survey indicated that new businesses from abroad grew at a solid pace in January. Subsequently, Indian manufacturers raised their production levels for the third successive month with the rate of output growth was solid and the strongest since February 2013. Survey further highlighted that the growth in output and new orders for consumer goods continued to outperform the remaining two monitored categories including intermediate goods and consumer goods. Purchasing activity in the Indian manufacturing economy rose in the latest month, although the pace of expansion was slight and well below the series average. Further, employment level has also increased across all three monitored sub-sectors for the fourth consecutive month in January. The new orders sub-index, measuring overall new orders rose to 52.4 in the reported month from 51.3 in December.

The HSBC survey further asserted that deteriorated operating conditions in the Indian manufacturing sector signalled pressure on operating capacity in January, as backlogs of work increased solidly with the sharpest increase noted at consumer goods firms. Meanwhile, supplier performance improved in January for the first time since September’13 with shorter delivery times reflecting a greater availability of raw materials at vendors. Manufacturing firms further highlighted that input costs rose in January on account of higher prices for a range of raw materials, including metals, chemicals and energy. As a result, firms raised their output prices, however, the latest rise in output charges was moderate and much weaker than seen for input costs.

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