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Reuters

India's March factory growth hits 16-year high, hiring picks up

India's manufacturing industry enjoyed solid growth in March, expanding at the fastest pace in 16 years thanks to accelerating demand, according to a survey that also showed hiring increased at the strongest rate in six months. Ahead of a general election this month, the data is likely to boost support for Prime Minister Narendra Modi's government, which has focused on manufacturing to improve the economy, already the fastest-growing among its major peers. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 59.1 last month from February's 56.9, the highest since February 2008, but slightly lower than a preliminary estimate of 59.2.