Manufacturing sector in India witnesses strongest rate of growth in July in recent months – Survey
According to the survey conducted by IHS, manufacturing sector in India has seen the strongest growth in July in the last three months. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 48.1 in June to 55.3 in July. It is to be noted that the PMI parlance, a score above 50 signifies expansion while a score below 50 denotes contraction.
Significant growth driver are easing of covid restrictions and enhance demand conditions with a steady decline of new cases giving way to improved performance.
Moreover, according to the HIS survey, it is anticipated that Indian firms foresee output growth in the year ahead. The end of the pandemic will also result in increased sales to support the upturn.