India's manufacturing activity witnessed a rebound in last month after a steep contraction in June. According to the monthly IHS Markit India Manufacturing Purchasing Managers' Index (PMI) survey, manufacturing PMI stood at 55.3 in July, up from 48.1 in June and 50.8 in May. In the previous month, the index fell below the critical 50.0 mark for the first time since July 2020. A a print above 50 means expansion while a score below 50 denotes contraction. The new export orders expanded sharply in July, following a moderate contraction in June.
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