India PMI June 2023

India: Composite PMI remains strong in June

The S&P Global Composite Purchasing Managers’ Index (PMI) remained strong in June, coming in at 59.4, only slightly down from May’s 61.6. As a result, the index remained entrenched above the 50.0 no-change threshold, signaling a softer, albeit still rapid, improvement in private sector operating conditions from the previous month.

Meanwhile, the Manufacturing PMI stood at 57.8 in June, down from May’s 58.7. Lastly, the Services PMI decreased to 58.5 in June (May: 61.2).

In the manufacturing sector, output and new orders grew at some of the fastest paces seen in over a year. Meanwhile, employment grew at a broadly similar rate to last month, selling charges rose more than input costs, and business sentiment rose to a six-month high.

In the services sector, activity grew the least in three months, while new orders rose at a faster pace. Employment continued to rise, while input inflation fell and output inflation accelerated to a near six-year high. Finally, business sentiment in the sector improved.

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