The headline HSBC Flash India Composite PMI Output Index has risen to 60.7 in July, up from 58.4 in June. This record growth has been powered by strong performance in manufacturing with Manufacturing PMI reaching 59.2, its highest level in nearly 17.5 years.
The services PMI dipped slightly in July as it moved from 60.4 in June to 59.8. However, the strong performance in manufacturing ensured the composite PMI continued to grow.
At the composite level, overall sales expanded from the country. International orders received by private sector firms in India rose sharply at the start of the second fiscal quarter. The rate of expansion was broadly similar to June’s and ranked among the strongest in the series’ history.
This once again highlights the success of the Make in India scheme of the government.
