The Indian manufacturing sector further expanded in February, with the sector’s manufacturing Purchasing Managers’ Index (PMI) increasing to 54.9 in February from 54 in January. According to IHS Markit, which released its PMI report on March 2, February saw ‘strong increases’ in new work orders. Within new work, international demand grew at the fastest pace in three months, though the growth was moderate.

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While manufacturing activity enhanced in February, concerns about prices remained. Input price inflation dropped to a six-month low, but it remained high, forcing manufacturers to pass on some of the cost burdens to consumers. Elevated inflation has been a concern, which has climbed after Russia attacked Ukraine that increased global commodity prices, including crude oil. Data released on February 28 showed India’s GDP growth dropping to 5.4 per cent in October-December from 8.5 per cent the previous quarter, which the central bank and economists expected.