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Financial News: India's Manufacturing Sector Returns To Growth In August

India's Manufacturing Sector Returns To Growth In August

09/01/2017 - 01:36:00 (RTTNews)

(RTTNews) - India's manufacturing sector returned to growth territory in August, reflecting a substantial turnaround from July's GST-related contraction, survey figures from IHS Markit showed Friday.

The Nikkei manufacturing Purchasing Managers' Index climbed to 51.2 in August from July's 101-month low of 47.9.

Any reading below 50 suggests contraction, while a reading above 50 indicates expansion in the sector.

The rebound in August was driven by resumed growth of new orders, production and employment. The rate of job creation in the sector was the quickest since March 2013.

On the price front, input price inflation eased to a one-year low as the introduction of the GST reportedly led to higher prices for some materials and cheaper rates charged for other items.

After falling in the prior month, output prices rose in August as firms attempted to pass through to their clients ongoing increases in cost burdens.

"After a loss of momentum in fiscal year 2016, IHS Markit forecast the Indian economy to recover marginally in FY 2017, with real GDP growth expected at 7.3 percent," Pollyanna De Lima, Principal Economist at IHS Markit, said.

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