India manufacturing PMI hits 8-month high in July on new orders
Business | August 01, 2022 11:39 ISTThe July PMI data pointed to an improvement in overall operating conditions for the 13th straight month.
The July PMI data pointed to an improvement in overall operating conditions for the 13th straight month.
The April PMI data pointed to an improvement in overall operating conditions for the tenth straight month. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
The seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) declined to 48.1 in June from 50.8 in May.
PM Narendra Modi's call for Atmanirbhar Bharat during the pandemic has encouraged local companies to boost manufacturing and people are now searching for more India-made products. This emotional call has shed light on the importance of using homemade products in boosting the economy and simultaneously transforming the local businesses.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) fell from 58.9 in October to a three-month low of 56.3 in November, indicating that the manufacturing sector growth remained strong, despite losing traction.
In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
India's industrial output grew by 2% in January amid subdued performance of manufacturing sector, government data showed on Thursday.
According to the survey, growth of manufacturing activity in November was supported by the launch of new products and better demand, though restrained by competitive pressures and unstable market conditions.
The IHS Markit India Manufacturing Purchasing Managers' Index (PMI), fell to 51.4 in August, its lowest mark since May 2018, from 52.5 in July, as most survey indicators fell since July to signal a widespread loss of momentum. This is the 25th consecutive month that the manufacturing PMI has remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
On the employment front, goods producers created jobs in November. Though the increase in employment softened slightly since October, but was among the fastest seen in six years, the survey noted.
The Nikkei India Manufacturing Purchasing Managers' Index (PMI), a composite indicator of manufacturing performance came in at 52.1 from 52.4 in January 2018.
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