India’s manufacturing sector strengthened in July on faster increases in new orders, output and stocks of purchases, final survey data from S&P Global showed on Friday.
The HSBC manufacturing Purchasing Managers’ Index rose to a 16-month high of 59.1 in July from 58.4 in June. The score was slightly below the flash estimate of 59.2.
The survey showed an accelerated expansion in new orders driven by favorable demand conditions and successful marketing initiatives. However, export orders grew at a slower pace in July.
Subsequently, production growth hit a 15-month high in July and manufacturers continued to hire additional staff.
Further, manufacturers remained confident of a rise in output over the coming twelve months. However, the level of confidence was the least marked in three years.
The survey showed a mild intensification of inflationary pressures, while charge inflation rose only fractionally.
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