There is some cheer for the stressed manufacturing sector. A survey showed growth in the Indian manufacturing economy was maintained in June on the back of greater domestic and foreign demand but a sustained recovery would take some time.
The seasonally adjusted HSBC India Purchasing Managers' Index (PMI) rose marginally from 51.4 in May to 51.5 in June. Operating conditions improved for the eighth month in succession, although modestly, the survey showed. The PMI is an advance indicator of factory conditions.
Output expanded at the fastest pace since February , with survey respondents indicating that growth reflected the signing of new contracts.
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