A survey showed that manufacturing activity in India remained robust in July as new orders continued to be firm and companies expanded their employment.
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) posted a reading of 57.7 in July, broadly in line with the reading of 57.8 in June. Business conditions have now strengthened in each of the past 25 months. The measurement was at a three-month low, but it was still showing high activity at levels similar to those of recent months. The survey is derived from responses to questionnaires issued to purchasing managers in a panel of 400 manufacturers, and the 50-point threshold differentiates expansion from contraction.
Growth in new export business picked up to the fastest since last November. Respondents noted increases in new orders from customers in the US, Bangladesh and Nepal.