: Manufacturing PMI of India soars 8month high in July #FinanceIndia #StockMarketNEWS Manufacturing PMI of India soars 8-month high in July New Delhi, Aug 1 (KNN) In July India’s manufacturing

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Manufacturing PMI of India soars 8month high in July #FinanceIndia #StockMarketNEWS
Manufacturing PMI of India soars 8-month high in July 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 Globals 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)