India's manufacturing activity expands at quickest pace in 8 months

Job creation is subdued though companies step up purchasing and report solid manufacturing activity

India’s manufacturing activity in July expanded at the quickest pace in eight months on the back of new business orders and output, said a survey by S&P Global on Thursday. 

S&P Global India Manufacturing Purchasing Managers' Index (PMI) jumped to 56.4 in July from 53.9 in June. A reading above 50 indicates expansion while a print below that denotes contraction.

The growth was a result of strong demand and pick-up in sales, the survey said. “Output expanded at the fastest pace since last November, a trend that was matched by the more forward-looking indicator new orders,” said Pollyanna De Lima,