India’s manufacturing PMI declines to 57.8 in June: S&P Global

New Delhi, July 3 (KNN) The activity of India’s manufacturing sector fell to 57.8 which is lower than May's 31-month high of 58.7, as per the S&P Global Purchasing Managers' Index (PMI) released on Monday.

At 57.8, the S&P Global Purchasing Managers' Index (PMI) is higher than the key level of 50, which indicates expansion in activity, for the 24th consecutive month. A sub-50 print is a sign of contraction.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said, “June's PMI results again showed robust demand for Indian-made products, both in the domestic and international markets.”

“Positive client interest continued to support the manufacturing industry, driving growth of output, employment, quantities of purchases and input stocks,” said Lima.

According to S&P PMI these positive developments instilled greater confidence into manufacturers regarding growth prospects, boding well for business investment and the labour market.

The expansion in manufacturing activity in June was underpinned by a jump in new work orders, which increased at one of the strongest rates since February 2021. International orders also rose, though at a slower pace than in the previous month.  (KNN Bureau)