India's manufacturing Purchasing Managers Index for August was at 3-month high of 59.6 as against 57.7 in the previous month, revealed data released on Friday. This is the 26th month in a row that the S&P Global PMI has indicated expansion.
In June the Manufacturing PMI was at 57.8.
The manufacturing sector activity print above 50 means expansion and below 50 indicates contraction.
April-June GDP At 7.8%
The data comes a day after the April-June GDP data that indicated the Indian Economy was growing at a four-quarter high of 7.8 per cent. However, the growth in the manufacturing sector was merely at 4.7 per cent, which dragged down the overall growth.
Chief Economic Adviser V Anantha Nageswaran while speaking post the release of the GDP data rejected suggestions of weakness in the manufacturing sector's growth. He said that the PMI does not indicate the manufacturing sector is in any particular distress.
