Prices at the Pumps - March 20, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesBENGALURU - India's business activity ended this fiscal year on a high note, expanding at the fastest rate in eight months in March, according to a business survey, suggesting the country would remain the fastest growing major economy.
"Led by the strongest manufacturing output in nearly three-and-a-half years, the composite output index rose quickly," said Pranjul Bhandari, chief India economist at HSBC. Growth was led by the manufacturing sector, which has been one of the primary economic drivers over the past few quarters. The index tracking factory activity rose to 59.2, its highest since February 2008, from 56.9 last month.
Meanwhile, services activity also remained robust although the index eased slightly to 60.3 in March from 60.6 last month.That solid demand alongside expectations that economic conditions will remain supportive of growth led business optimism for the coming year to increase this month. Companies also stepped up hiring at the strongest pace since September.