India, May 2 -- In April, despite a slight decline from the previous month, India's manufacturing activity remained robust, registering a PMI of 58.8, down from March's 16-year high of 59.1, according to the HSBC Purchasing Managers' Index.
This figure comfortably stayed above the pivotal 50-mark, indicating expansion rather than contraction, and surpassed the long-run average of 53.9. The manufacturing sector initiated the fiscal quarter on a strong note, experiencing the second-fastest pace of improvement in operating conditions in over three years.
Buoyant demand drove a sharp increase in new business intakes, prompting firms to boost production. Consequently, raw material stocks were accumulated at the third-fastest rate in the surv...