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Plus, manufacturing activity expanded at the quickest pace in eight months because businesses operate unhampered, signalling that economic recovery remained firm as key interest rates went up. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) surged to 56. 4 in July from 53. 9 in June due to a huge rise in business orders.
“The divergence in India’s headline PMI relative to the rest of the region may also reflect the resiliency of India’s domestic demand recovery,” Barclays chief India economist Rahul Bajoria told ET.
“And even as global growth weakens, we expect India’s domestic growth to remain reasonably robust.”
As per the data released by the Ministry of Commerce and Industry last week, India’s eight infrastructure sectors grew by 12.7 per cent in June 2022—for the second consecutive month. The production of coal, cement, electricity, refinery products, fertilizers, steel, and natural gas industries rose in June 2022 over the corresponding period of last year.
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