Advertisement

India PMI: July manufacturing output zooms to 3-month high on easing of Covid-19 restrictions

01:08 PM Aug 02, 2021 | IANS

India's manufacturing sector output accelerated to the strongest growth rate in three months during July.

Accordingly, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 55.3 (index reading) in July as against a reading of 48.1 in June.

Advertisement
Advertisement

The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.

Advertisement

Besides, the latest reading pointed to renewed stream of new orders, exports, quantity of purchases and input stocks.

Furthermore, the data report by IHS Markit, cited a marginal increase in employment which ended a 15-month sequence of job shedding.

However, there was softer but still sharp increase in input costs.

The report pointed out that factory orders rose amid reports of improved demand and the easing of some local Covid-19 restrictions.

"The upturn was sharp and compared with a marked decline in June. Strengthening international demand contributed to the uptick in total order books."

"New export orders expanded markedly in July, following a moderate contraction in June."

"Rising sales supported a recovery in output, which increased in July after falling for the first time in 11 months during June."

The rate of production growth was sharp and outpaced its long-run average, the report said.

(To view our epaper please Read Now. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Advertisement