India manufacturing PMI revised downward

The HSBC India manufacturing PMI for 2024/7 was 58.1, down from 58.3 in June.

Nonetheless, this figure is above the long-term average, making it the highest number in the past few years.

Strong demand supported the manufacturing industry mainly through a significant increase in new orders.

Although growth has slowed since June, sales continued to be strong when viewed from past levels.

Production volume also remained strong, so the manufacturing industry activated purchasing activities in July and increased the number of employees.

Input cost inflation accelerated due to strong input demand, reached a speed of about 2 years, and boosted production costs to rapid growth for the first time in 11 years.

Finally, positive sentiment on the production outlook for the year ahead has stabilized since June, and marketing efforts and inquiries from new customers are expected to drive growth.

Source: S&P Global