India's Mfg PMI Rises to 14-Month High in June

Manufacturing PMI grows to 58.4 in June, from 57.6 in May, on new orders, jobs

- Rhik Kundu

NEW DELHI: India's manufacturing sector activity rose to a 14-month high in June on the back of expansion in output, new orders, and job creation, a private survey showed on Monday.

The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 58.4 in June, up from 57.6 in May. It was at 58.2 in April and 58.1 in March.

India's manufacturing PMI was 56.3 in February and 57.7 in January. A reading above 50 indicates expansion.

To be sure, the headline figure was above its long-run average of 54.1, which suggests a substantial improvement in the sector's health. "The manufacturing sector experienced a strong end to the first fiscal quarter, marked by improved trends in output and new orders, alongside a record upturn in employment," the survey said.