Mumbai: India’s Purchasing Manager Index (PMI), which assesses activity in manufacturing and service sector, was the highest in April.
According to JP Morgan’s report, India’s service sector PMI was 58.70 in April and the manufacturing sector was 58.20, which is the highest among the developed and emerging markets.
PMI is an important indicator to understand the performance of any country’s manufacturing and service sector. The PMI above 50 is considered to be an extension in that area.
A report by JP Morgan states that strong figures in the manufacturing and service sector indicate that India’s economy is in a strong position.
In April, China’s manufacturing sector PMI was 50.40, while the National Bureau of Bureau was 49. Thus, the activity of China’s manufacturing sector has been seen to be quite weak compared to India.
In the service sector too, the Chinese market was PMI 50.70 and the National Bureau of Bureau of Statistics was 50.10. Thus, China also appears far behind in the service sector.
A similar situation is being seen in other countries like America, Britain and Japan. The US manufacturing PMI for the month of April was 48.70, while the service PMI was 51.60.
Eurozone is also currently struggling in terms of economic activity. Thus, India is seen as a global leader in the manufacturing and service sector.
Strong domestic demand and high trade optimism are promoting economic activity in the country.
