India: Composite PMI broadly stable in June
July 5, 2022
The composite Purchasing Managers’ Index (PMI), produced by S&P Global, was broadly stable at 58.2 in June (May: 58.3). As a result, the composite PMI stayed above to the 50-threshold, indicating an expansion in business activity from the previous month.
The services PMI rose to 59.2 in June—the highest level in more than a decade—from 58.9 in May as the reopening of the economy following the easing of the Covid-19 pandemic boosted activity.
On the manufacturing side, the news was less positive, with the PMI declining to 53.9 in June (May: 54.6); the sector suffered from the effects of elevated inflation, which remained above its long-run average.