India’s factory growth accelerated in February as third Covid-19 wave eases

The survey was conducted before Russia invaded Ukraine, which led to an immediate spike in oil prices.

Livemint
First Published2 Mar 2022
February's reading exceeded expectations for 54.3 in a Reuters poll
February’s reading exceeded expectations for 54.3 in a Reuters poll

India's factory activity growth accelerated in February as the threat from a third COVID-19 wave eased, while some softening of price pressures meant demand and business expectations strengthened, a private survey showed.

The Manufacturing Purchasing Managers' Index, compiled by IHS Markit from Feb. 10-22, improved to 54.9 in February from 54.0 in January.

However, the survey was conducted before Russia invaded Ukraine, which led to an immediate spike in oil prices. India is the world's third-largest importer of oil so the crisis will add to inflationary pressure and hurt consumer sentiment.

February's reading exceeded expectations for 54.3 in a Reuters poll and was above the 50-mark that separates growth from contraction for an eighth month.

More details awaited

 

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