India's manufacturing growth rate hits three-month high

The HSBC India manufacturing PMI for 2024/7 rose to 58.5 from 58.3 in the previous month, indicating that the soundness of the sector has improved significantly historically (preliminary figures).

This showed that factory operations expanded most rapidly after April due to anecdotal evidence showing an improvement in the market environment and an increase in new businesses, driven by an accelerated increase in production volume.

It was also reported that job creation in the manufacturing industry continues to be strong.

On the price side, price increases for coal, leather, pharmaceuticals, rubber, and steel were particularly noticeable.

Source: S&P Global