India’s economic activity increased in July, driven by an increase in services and a recovery in manufacturing. The services purchasing managers’ index increased to 61.1 from 60.5 the previous month, while the manufacturing purchasing managers’ index rose slightly to 58.5 from 58.3 in June. This boosted the composite PMI to a three-month high of 61.4 from 60.9 the previous month.
India is the world’s fastest-growing major economy, with more than 8% growth in the previous fiscal year. The central bank expects 7.2 percent growth this year, but the administration forecasted 6.5 percent-7 percent growth until March 2025.
Orders placed with private sector enterprises increased dramatically in July. This meant that the aggregate employment index increased at one of the fastest rates, with manufacturing firms reporting higher levels of new jobs.