Factory growth hits 8-mth high in July

PTI

New Delhi, August 1

India’s manufacturing sector activity hit the highest level in eight months in July, driven by a significant rise in business orders, a monthly survey said on Monday.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index rose from 53.9 in June to 56.4 in July, reflecting the strongest improvement in the health of the sector in eight months.

PMI rises to 56.4

• The seasonally adjusted S&P Global India Manufacturing PMI rose from 53.9 in June to 56.4 in July, reflecting the strongest improvement in the health of the sector in eight months

The July PMI data pointed to an improvement in overall operating conditions for the 13th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction. “The Indian manufacturing industry recorded a welcome combination of faster economic growth and softening inflation during July,” Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said.