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Financial News: India Manufacturing Growth At 8-Month High

India Manufacturing Growth At 8-Month High

08/01/2022 - 02:37:00 (RTTNews)

(RTTNews) - India's manufacturing activity expanded at the fastest pace in eight months in July, driven by significant growth in output and new orders, survey results from S&P Global showed on Monday.

The S&P Global factory Purchasing Managers' Index climbed to 56.4 in July from 53.9 in June.

Production grew at the quickest pace since November last year, and this upturn was primarily led by the investment goods sector amid better demand conditions and a pick-up in sales.

In July, growth of new orders accelerated to an eight-month high, regaining momentum lost in June.

However, new export orders increased at the weakest pace in the current four-month period of growth.

On the price front, input price inflation moderated to an 11-month low in July. The overall price increase was mainly due to robust demand for raw materials. Similarly, output prices increased at the softest pace in four months.

Overall job creation remained subdued despite the solid performance of the manufacturing industry.

The latest increase in employment was only marginal amid an uncertain outlook and a general lack of pressure on operating capacities.

Despite improving from June's 27-month low, the overall level of business sentiment was muted in the context of historical data, the survey said.

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