Jammu, April 3 -- The latest HSBC India Manufacturing Purchasing Managers' Index (PMI) suggests the country's factories are firing on all cylinders, with production and sales growing at their fastest rates in over two years. The seasonally adjusted manufacturing PMI skyrocketed to a lofty 59.1 in March - its highest level since February 2008 - driven by a 16-year high in new work intake.

Both domestic and international demand powered the manufacturing rebound. New export orders rose at the strongest pace since May 2022 as sales to key markets like Africa, Asia, Europe and the US picked up momentum. Consumer, intermediate and capital goods makers all reported stronger inflows of new business.

The jump in production was aided by companies...