India PMI July 2023

India: Business activity hits 13-year high in July, led by the services sector

The S&P Global Composite Purchasing Managers’ Index (PMI) rose to 61.9 in July from June’s 59.4. July’s result marked a 13-year high. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.

The improvement was led by the Services PMI, which increased to 62.3 in July (June: 58.5). Meanwhile, the Manufacturing PMI stood at 57.7 in July, down from June’s 57.8.

In the manufacturing sector, output and new orders grew at some of the fastest paces seen in over a year. Meanwhile, employment continued to grow, selling charges rose at a weaker pace and input costs rose at a faster pace, and business sentiment dipped slightly.

In the services sector, output and new orders grew the most in over three years. Employment continued to rise, while input inflation rose and output inflation fell to a three-month low. Finally, business sentiment in the sector slipped.

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