“India’s Manufacturing Sector Accelerates in June, PMI Rises to 58.3”

"India's Manufacturing Sector Accelerates in June, PMI Rises to 58.3"

New Delhi, July 1 :  India’s manufacturing sector expanded at a faster pace in June compared to the previous month, driven by robust growth in new orders and output, according to a private survey released on Monday.

The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, increased to 58.3 in June from 57.5 in May. A PMI reading above 50 indicates expansion in manufacturing activity.

Maitreyi Das, Global Economist at HSBC, commented on the findings, stating, “The Indian manufacturing sector closed the June quarter on a strong note. The PMI rose by 0.8 percentage points to 58.3, supported by increased new orders and output. Consequently, firms ramped up hiring at the fastest pace in over 19 years.”

The survey highlighted that manufacturing output grew sharply in June compared to the previous month, driven by favorable underlying demand and continuous inflow of new business. The consumer goods industry showed particularly robust performance, while significant growth was also observed in intermediate and investment goods categories.

June also witnessed a notable expansion in sales among Indian manufacturers, buoyed by strong domestic demand, increased export volumes, and effective advertising campaigns.

“As new orders continued to rise, companies accelerated their hiring activities. The rate of job creation was sharp, marking the strongest increase since data collection began in March 2005,” the survey reported.

The HSBC India Manufacturing PMI is closely monitored by economists, markets, and policymakers as a key indicator of economic health and growth momentum in the manufacturing sector.

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