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India's June manufacturing PMI logs fastest growth in 2018

India’s manufacturing conditions improved in June at the strongest pace in 2018 so far, as favourable demand conditions led to greater output, a private survey showed.

The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, rose to 53.1 in June from 51.2 in May.

This is the 11th consecutive month that the manufacturing PMI remained above the 50-point mark-a score above 50 means expansion, while below that denotes contraction.

Orders from international markets rose at the strongest pace since February.

As per the survey, the rate of growth of manufacturing production was the most pronounced since last December. Moreover, stronger demand conditions made firms raise their staffing levels.

On the price front, input cost inflation and output charges rose at a stronger pace, indicating that the central bank might tighten the monetary policy.

In June the Reserve Bank of India had upped its retail inflation projection by 0.30% and kept the policy stance in the neutral zone, even as it hiked the key rate by 0.25% to 6.25%.

Meanwhile, business confidence eased to the weakest since last October, and the dip in optimism partly reflected concerns of a potential market slowdown in the year ahead.

 

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