Manufacturing Activity Soars To 6 Month High

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, August 3, 2015, 12:35 [IST]

Manufacturing activity in India posted a six month high of 52.7 in July rising from 51.3 seen in the month of June.

Growth of both domestic and foreign demand were reported, with new business from abroad rising at the quickest rate since February were responsible for the rise a Nikkei India Manufacturing Purchasing Managers' Index (PMI), released by Markit has said.

Output continued to grow in July, with increases seen across the three monitored market groups. Moreover, the overall rate of expansion was solid and faster than in June. Underpinning the rise in production levels was a sharper increase in new business inflows.

In fact, growth of new orders gathered pace across the three broad areas of the manufacturing economy. Anecdotal evidence highlighted stronger demand from both domestic and foreign clients.

Commenting on the Indian Manufacturing survey data, Pollyanna De Lima, Economist at Markit and author of the report, said:"Growth in India's manufacturing economy rebounded in July, with the PMI rising since the prior month. This reflects stronger increases of new orders and output. Furthermore, the sector was also boosted by the quickest expansion in export orders since February."

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