India’s manufacturing Purchasing Manager’s Index (PMI) rose to a five month high of 52.5 in March from 50.7 in February, Japanese stock index Nikkei said on Monday.

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“March's reading marked the above-50 level for the third consecutive month,” the report by Nikkei said.

This PMI has been the highest since October 2016 wherein the manufacturing PMI was at 54.4, which was also the highest the PMI had reached in 22 months.

"Looking ahead, production volumes are likely to rise further as businesses will seek to replenish their stocks," De Lima said. "Indeed, we saw a marked drop in inventories of finished items, alongside a stronger degree of confidence towards the year-ahead outlook for output."