In February, manufacturing activity declined by a margin as tracked by IHS Markit India Manufacturing Purchasing Managers' Index (PMI). For the February month, manufacturing PMI came in at 57.5 versus 57.7 in the previous month. The headline figure remained above the long-run average of 53.6.
In January 2021, the activity of the manufacturing saw a rebound to a near 8-year high on sharp increase in new business orders as there was a revival in demand that led to rise in production and hiring activity.
A PMI reading above 50 indicates an expansion in manufacturing activity, while one below that level means contraction.