Manufacturing PMI: June growth fastest since Dec 2017

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New Delhi | Published: July 3, 2018 6:06:57 AM

India's manufacturing-sector activity in June grew at the strongest pace since December 2017, supported by rise in domestic and export orders.

manufacturing industry, fanufacturing sectorThe government said the growth of eight infrastructure industries dropped to a 10-month low of 3.6% in May due to a decline in production of crude oil and natural gas. (Reuter)

India’s manufacturing-sector activity in June grew at the strongest pace since December 2017, supported by rise in domestic and export orders. The Nikkei India manufacturing PMI rose from 51.2 in May to 53.1 in June, marking the 11th consecutive month that the index remained above the 50-point mark, that separates expansion from contraction.

However, the government said the growth of eight infrastructure industries dropped to a 10-month low of 3.6% in May due to a decline in production of crude oil and natural gas.

“India’s manufacturing economy closed the quarter on a solid footing against a backdrop of robust demand conditions, highlighted by the sharpest gains in output and new orders since last December,” said Aashna Dodhia, economist at IHS Markit. “On the jobs front, the latest survey data pointed to a healthy labour market, with job creation accelerating to the sharpest since December 2017,” Dodhia said.

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