India's Manufacturing Sector Expands At Fastest Pace In January

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India's manufacturing sector expanded at fastest pace for nearly one-and-a-half years in January, a report by the Markit Economics showed on Monday.

The HSBC Manufacturing Purchasing Managers' Index climbed to a seasonally adjusted 57.6 in January from 55.6 in December. This was the highest level for seventeen months. A reading above 50 indicates expansion, while one below 50 suggests contraction.

Manufacturing production and new orders increased for the tenth straight month in January, while domestic and foreign demand rose from the previous month.

Employment levels in the manufacturing sector slightly improved in January while purchasing activity made by Indian manufacturers rose at their fastest pace since May 2008.

Robert Prior-Wandesforde, Senior Asian Economist at HSBC said, "Any lingering concern that India's manufacturing recovery was tailing off should be well and truly put to rest by this strong release. A second consecutive rise in the PMI has taken the series to a new cycle high, consistent with on-going double digit rises in industrial production."

India's manufacturing sector expanded at fastest pace for nearly one-and-a-half years in January, a report by the Markit Economics showed on Monday. (Market News Provided by RTTNews)