Expansion in India’s manufacturing activity, as tracked by the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI), declined marginally to 57.5 in February from 57.7 in January 2021. The headline figure remained above the long-run average of 53.6.
The country's manufacturing sector activity climbed to a near eight-year high in January, driven by sharp rise in new business orders amid a rebound in demand conditions that led to rise in production and hiring activity.
A PMI reading above 50 denotes an expansion in manufacturing activity, while one below that level means contraction.