FLASH PMI SOARS TO 60.9 IN JUNE, REFLECTING GROWTH IN MANUFACTURING AND SERVICES

Manufacturers saw a notable improvement in sector health, with the HSBC Flash India Manufacturing PMI rising from 57.5 in May to 58.5 in June due to gains in all key components

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Propelled by gains in both the manufacturing and services sectors, Indian business activity further strengthened in June, according to a survey released by HSBC on Friday.

The survey highlighted that job creation reached its highest pace in over 18 years.

The headline flash composite Purchasing Managers' Index (PMI), which measures month-on-month changes in the combined output of India's manufacturing and service sectors, rose to 60.9 in June. This was a slight increase from a downward revised figure of 60.5 in May.

Notably, this marked the 35th consecutive month of growth for the index. Since February, growth has been more robust in goods production compared to service provision.

"Manufacturers experienced a quicker improvement in overall sector health at the end of the first fiscal quarter," the survey stated.

The HSBC Flash India Manufacturing PMI, a snapshot of factory business conditions derived from new orders, output, employment, supplier delivery times, and stock purchases, increased from 57.5 in May to 58.5 in June. All five sub-components contributed to this stronger performance.