Record car sales in India this March and a rise in a key indicator of factory output underlined an expansion in the country, leading some economists to predict that the downturn in the economy may have bottomed out in the last quarter of 201 1-12, when GDP growth dropped to 6.1 %. During the month, the HSBC manufacturing purchasing managers index(PMI) in India fell slightly to 54.7, as against 56.6 in February, but the average value of the PMI during the last quarter of the financial year was higher at 56.3 compared with 52.4 in the previous quarter, indicating consolidation in economic activity. The PMI index continues to be above the crucial 50 mark, the level that separates qrowth from contraction.
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