Manufacturing sector is booming with steady services growth in India: Report
The manufacturing sector showed a major increase in buying levels among good producers, which was widely supported by timely supplier deliveries. On the other hand, the stock of finished goods witnessed a marginal fall as firms have mostly used the warehoused goods to meet the standards of rising demand.
The HSBC report also pointed out a surge in charge inflation as private sector companies raised the selling prices to share the cost burden with clients. A strong inflation rate is observed in both the manufacturing and service sectors.
The report also noted that international orders placed with private sector companies witnessed a surge in July. Moreover, major contributing economies were Asia, Europe, and the US.
Pranjul Bhandari (chief India economist, HSBC), pointing out the strong composite output index numbers in July, mentioned some factors, including growth in total sales, export orders, and output levels. Bhandari also stated that Indian manufacturers are leading the way with steady service sector growth.
The HSBC Flash India PMI report is compiled by S&P Global (Standard & Poor's) by conducting rigorous surveys of manufacturers and service providers. This data is then used for creating PMI indices, which are considered the key economic health indicators of the manufacturing and service sectors.
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