India's manufacturing PMI hits 3-month high

Last month, India's manufacturing sector experienced a notable surge in growth, reaching its highest pace in three months, primarily fuelled by a significant uptick in new orders and production, according to a private survey.

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This positive development is especially noteworthy for India, the third-largest economy in Asia, which recently reported a robust growth rate of 7.8% in the April-June quarter, surpassing the 7.7% forecasted by Reuters and solidifying its position as a global economic bright spot.

The Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, soared to 58.6 in August, up from July's 57.7, marking the highest reading since May. This surprising uptick defied expectations from a Reuters poll, which had projected a decline to 57.5. Importantly, this extended a streak of 26 consecutive months above the crucial 50-mark threshold, signifying growth, and marking the longest stretch since March 2020 when pandemic-induced lockdowns were first implemented.