Manufacturing PMI at 3-mth high in Aug

Indian manufacturing continued its strong growth momentum in the second quarter amid buoyant demand in domestic and international markets, as the Purchasing Managers' Index (PMI) for the sector rose to a three-month high of 58.6 in August from 57.7 in July, according to a private survey released on Friday.

- SHIVA RAJORA

The August figure marked 26 months of the index remaining above the 50-mark, separating expansion from contraction. A survey print above 50 indicates manufacturing expansion and below it marks contraction.

"[The survey] showed a robust improvement in manufacturing sector conditions across India, as new orders and output increased at the quickest rates in nearly three years during August. Firms geared up to handle rising demand by scaling up buying levels and rebuilding their input stocks at the secondstrongest pace in 18-and-ahalf years of data collection," said the survey by the global credit rating agency S&P global. The survey said that the demand strength, along with the competitive pricing and advertising, was pivotal to August's performance, spurring the fastest upturn in new orders since January 2021.