Final data from a survey released by Standard & Poor’s Global on Monday showed that India’s manufacturing sector expanded at its fastest pace in over 17 years, driven by strong growth in orders and production alongside robust demand conditions.

The HSBC manufacturing Purchasing Managers’ Index (PMI) rose to 59.3 points in August, up from 59.1 points in July. Any reading above 50 points indicates sector growth, although the latest figure was slightly below the initial estimate of 59.8 points.

Production volumes grew at their fastest rate in nearly five years, reflecting improved alignment of supply with demand.

New orders increased by almost the same amount as in July, which was the fastest growth in 57 months, supported by a rebound in demand and positive announcements.