India's manufacturing PMI hit a 3-month high in March amid demand resilience. India's manufacturing sector expanded at its quickest pace in three months, boosted by faster expansions in new orders and output amid demand resilience and easing of cost pressures, a private business survey showed today. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose from 55.3 in February to 56.4 in March at a three-month high. The PMI reading has remained above 50, the mark separating expansion from contraction, for 21 straight months now.

S&P Global said in a statement that India's manufacturing sector posted a remarkable performance at the end of the final fiscal quarter, as the growth of factory orders and production quickened to the strongest in three months. It added that underlying demand for Indian goods remained strong in March.

Meanwhile, the three-day meeting of RBI's Monetary Policy Committee is starting today and on Thursday the Committee will come out with the first bi-monthly monetary policy for fiscal 2023-24.