India's factory activity expanded at its quickest pace in four months in April, driven by solid growth in new orders and output, a private survey showed on Monday, signaling resilient demand and an encouraging outlook.
The survey results suggest India will continue to be one of the fastest-growing major economies despite slowing global growth that has undermined momentum across several other countries.
"Reflecting a robust and quicker expansion in new orders, production growth took another step forward in April. Companies also benefited from relatively mild price pressures, better international sales and improving supply-chain conditions," Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said in a release accompanying the survey.
Both new orders and output grew at their fastest pace since December, and that helped firms resume hiring during April, following the first decline in 13 months in March."Manufacturers are certainly upbeat towards growth prospects, with optimism improving from March's eight-month low on the back of contracts pending approval, rising client enquiries, marketing initiatives and evidence of demand resilience," De Lima said.
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