NEW DELHI: There’s some reason for cheer on the economic front. Manufacturing activity recovered to a 10-month high in January on account of a rise in new orders, a private survey showed, indicating some pickup in demand after months of contraction.
The first data for 2014 follows a clutch of disappointing numbers that included a surprise contraction in industrial production in November and muted core sector growth in December, which suggested that the economy was still skimming the bottom.
HSBC’s purchasing managers’ index (PMI) for manufacturing rose to 51.4 in January, the highest reading on the survey-based index since March 2013, from 50.7 points in the previous month. Read more