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India’s manufacturing sector growth accelerates in June: PMI

India’s manufacturing sector growth accelerates in June: PMI

Mumbai, July 2 (IANS) Favourable demand conditions accelerated the pace of India’s manufacturing sector output in June, a key economic data point showed on Monday.

According to the Nikkei India Manufacturing Purchasing Managers’ Index (PMI), a composite indicator of manufacturing performance rose at the fastest pace since last December to 53.1 from 51.2 in May 2018.

An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease.

Commenting on the Indian manufacturing PMI survey data, Aashna Dodhia, Economist at IHS Markit and author of the report, said: “India’s manufacturing economy closed the quarter on a solid footing against a backdrop of robust demand conditions, highlighted by the sharpest gains in output and new orders since last December.”

“Meanwhile, orders from international markets rose at the strongest pace since February.”