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Financial News: India Manufacturing Growth Rises In July

India Manufacturing Growth Rises In July

08/01/2019 - 02:49:00 (RTTNews)

(RTTNews) - India's manufacturing growth improved in July, with increase in new work and output, survey data from IHS Markit showed on Thursday.

The headline IHS Markit manufacturing Purchasing Managers' Index, or PMI, rose to 52.5 in July from 52.1 in June. A score above 50 indicates expansion in the sector.

Inflow of new work rose in July with expansion in new export orders. As factories suffered from global trade flows, external sales increased to the least extent since April last year.

Job creation accelerated in July and purchase of inputs rose but at a slower pace.

Outstanding business rose for the first time in three months despite expanded workforce.

Pre-production stocks rose due to greater buying activity and the finished goods inventories were reduced.

On the price front, input costs rose slightly in July but the rate eased to a three-month low. At the same time, output costs increased marginally.

"The relatively negligible increases in input costs and output charges, signalled by the PMI survey in July, suggest that we will likely see a further reduction in India's benchmark interest rate as the RBI continues its effort to support economic growth," Pollyanna de Lima, principal economist at IHS Markit, said.

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