India’s manufacturing activity continued to expand in August, with the S&P Global Purchasing Managers’ Index (PMI) rising to a three-month high of 58.6 as against 57.7 in July.
The gauge of manufacturing activity in August was above 50, the key level which separates expansion in activity from contraction, for the 26th month straight. A reading below 50 would mean contraction in activity.
“The PMI results for India painted a vibrant picture of the nation’s manufacturing landscape in August,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
The August manufacturing PMI number has come a day after the release of April-June GDP data, which showed the Indian economy grew at a four-quarter high of 7.8 per cent, broadly in line with expectations.
However, the manufacturing sector grew by a mere 4.7 per cent, pulling down overall growth.
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Kaushik Dani, Fund Manager-PMS, Abans Investment Managers, said, “we have a strong beginning to the month of September with high frequency indicators like the manufacturing PMI showing robust expansion. Even the first quarter GDP numbers for this fiscal, though in line, at 7.8% is at a four-quarter high.
Thus, India continues to remain the fastest growing among trillion-dollar economies.” Markets, especially large cap indices which have taken a breather over the last few weeks, should witness a fresh up move on account of these positive data points, Dani said.
In the US, economic activity in the manufacturing sector contracted in August for the 10th consecutive month following a 28-month period of growth.
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