MUMBAI: Manufacturing activity hit a new 14-year peak in April at 62.2, up from 61.8 in March, led by the private sector output amid pick-up in sales for the 33rd successive month in April and at the quickest rate in nearly one and half decade, which has been on the rise for the according to a report.
The headline HSBC flash composite PMI (purchasing managers index), which measures the month-on-month change in the combined output of manufacturing and service sectors, has risen at the fastest rate in April to 62.2, the highest since June-2010. On the other hand private sector sales expanded for the 33rd successive month in April and at the quickest pace in just about 14 years.
A reading under 50 shows deceleration and above 50 shows expansion. Higher the reading faster the expansion rate. Economic growth across private sector continued to strengthen in April driven by positive demand trends, which fuelled new business intakes and output.