Manufacturing PMI hits 3-month high of 52.8, govt sees demand picking up

Armed with strong data, govt upbeat on high growth

A rise in the purchasing managers' index (PMI) for manufacturing for May, along with low bond yields, low oil prices and a high rupee on Monday, gave the finance ministry enough indication to sense that high gross domestic product (GDP) growth is just round the corner. 

The Nikkei PMI for manufacturing rose to 52.7 in May from 51.8 in April, pointing to the strongest improvement in the health of the sector in three months. 

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

The data came in a few days after official figures showed that GDP