Growth in the Indian manufacturing sector recovered some of the ground lost in May, with the headline PMI posting nearly five points above its long-run average. June data showed that buoyant demand conditions spurred the expansions in new orders, output and buying levels. Concurrently, firms raised employment at the fastest rate seen in more than 19 years of data collection. Cost pressures receded from May, but were nevertheless among the highest over the past two years. As a result, companies lifted selling prices to the greatest extent since May 2022.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) increased from 57.5 in May to 58.3 in June, thus indicating a sharper improvement in business conditions. The PMI was comfortably above its long-run average. Manufacturing output increased at a sharp pace that was faster than in May, as underlying demand remained favourable and new business continued to flow in.
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