Manufacturing sector growth fastest in 17 yrs

THE manufacturing sector activity has hit a 17.5-year high at 59.3 in August as production expanded rapidly, driven by pre-festive demand, helping offset the impact of the 50% punitive tariffs on Indian goods that kicked in from the last week of the month, a private survey of the industrial activity has showed on Monday.

- ENS ECONOMIC BUREAU @Mumbai

The manufacturing PMI in July was at 59.1, showed an HSBC survey of the manufacturing activity based on the purchasing managers' index compiled by S&P Global. Overall order growth remained resilient, supported by strong domestic demand, the British lender said, adding the upward movement in the headline figure reflects acceleration in production volumes, with the pace of expansion the quickest in nearly 5 years.