The Nikkei India manufacturing Purchasing Managers’ Index (PMI) for March 2017 showed a smart rebound, on the back of new orders, both domestic and export. Its rate of expansion was the fourth highest among Asian economies, as the chart shows. Most Asian economies had scores above 50, indicating expansion from the previous month.
The rise in the Indian PMI indicates the manufacturing sector has fully recovered from the demonetization setback. The data will provide further support for the upbeat stock market.