India manufacturing activity records high growth

India’s manufacturing activity climbed in December to its fastest pace in six months, led by strong factory output and a rise in new orders, according to HSBC.

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“Activity in the manufacturing sector picked up again, led by faster output growth and a further uptick in new orders, which led to a faster increase in backlogs of work,” said HSBC chief economist Leif Eskesen.

The government has forecast growth of 5.7 to 5.9 percent for the fiscal year to March, which is far below the near double-digit pace India set before the onset of the global financial crisis.