Manufacturing sees strongest growth in three months in July

New Delhi, August 2

India’s manufacturing sector activities witnessed the strongest rate of growth in three months in July amid improved demand conditions and easing of some local Covid restrictions, a monthly survey said on Monday.

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months.

“It’s encouraging to see the Indian manufacturing industry recover from the blip seen in June. Output rose at a robust pace, with over one-third of companies noting a monthly expansion in production, amid a rebound in new business and the easing of some local Covid restrictions,” said Pollyanna De Lima, Economics Associate Director at IHS Markit.

Lima further noted that “should the pandemic continue to recede, we expect a 9.7% annual increase in industrial production for calendar year 2021.” On the recruitment front, there was a marginal increase in employment in July that ended a 15-month sequence of job shedding. — PTI

Output rose at robust pace

• The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months
• Output rose at a robust pace, with over one-third of companies noting a monthly expansion in production