New Delhi, Aug 1 (KNN) In July India’s manufacturing Purchasing Managers' Index (PMI) hit eight-month high, as per S&P Global India’s monthly survey.

Trends for output and new orders strengthening are the two factors for a rise in PMI.

As compared to 53.9 PMI in June it increased to 56.4 last month.

From contraction for a thirteenth month it is remaining well above the 50-level separating growth.

Broad-based by sub-sector the improvement was led by investment goods and was the fastest in eight months.

The growth momentum lost in June saw a recovery in July with a rise in aggregate new order intakes.

Suggesting resilience in the Indian economy the survey results said that despite concerns over faster interest rate hikes, massive capital outflows, a weakening rupee and a rapidly slowing global economy India showed efficiency.

S&P Global's survey also showed foreign demand expanded at the weakest pace in four months in July and optimism developed only a bit last month.  (KNN Bureau)