November 05, 2024 20:02 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
India's manufacturing PMI eases to 57.8 in June
PMI
Image Credit: UNI

India's manufacturing PMI eases to 57.8 in June

| @indiablooms | 03 Jul 2023, 12:53 pm

New Delhi/UNI: India's factory activities continued to be strong but expanded at a slower pace in June 2023, with manufacturing PMI (Purchasing Managers’ Index) easing to 57.8 during the month from 58.7 in May, according to S&P Global survey findings released on Monday.

"Despite falling from 58.7 in May to 57.8, the headline figure pointed to a considerable improvement in operating conditions," it said.

While a reading above 50 shows expansion, the print below it shows a contraction in manufacturing activities.

The survey said that surging demand for Indian goods translated into higher sales figures for manufacturers, which underpinned another robust expansion in input purchasing as firms actively procured resources to support production growth.

"Although the latest PMI results indicated input cost inflation, there was a marked increase in output charges. Positive demand dynamics and greater labour costs pushed charge inflation to a 13-month high," said the publisher of the survey.

It was noted that central to the upturn in June was demand strength, which positively impacted several other measures such as sales, production, stock building, and employment.

"Indian goods producers registered a sharp increase in new work intakes during June, one that was among the strongest seen since February 2021," said S&P Global.

In addition to favourable demand conditions, panellists linked the upturn to advertising and new product releases. Concurrently, new export orders rose solidly, though at a slower pace than in May.

"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 in output, employment, quantities of purchases, and input stocks," said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.