Mumbai: Preliminary estimates of overall trade activity covering the country’s manufacturing and service sector are showing a slow growth in the month of March. There is dynamics in manufacturing activity, but there is a slow increase in work in the service sector.
As a result, the initial overall purchasing manager index (PMI) for the HSBC manufacturing and services sector compiled by S&P Global arrived at 58.60, which was 58.80 in February. The PMI above 50 is considered to be an extension in that area.
The initial PMI for the manufacturing sector was 57.60, while the PMI for the service sector was 57.70. The preliminary PMI for the manufacturing sector was higher than the last PMI of February, while March for the service sector was lower than the final figure of February.
The initial overall PMI was above the 44th month of 50 in March.
PMI indicates that business activities in the country’s private sector have been encouraging in the current financial year. The cost of raw materials has increased, but the increase in the price of goods and services remains at a three -year low. The situation of achieving new business in the current financial year i.e. 2024-25 also remains strong.
The survey report also stated that the initial overall PMI may weaken in March compared to February, but it is still much higher than the long -term average.
The PMI report is prepared keeping in mind many issues including new orders, employment, delivery status and inventory. The report also mentioned improvement in work conditions.
