India's Manufacturing Surge: PMI Hits 16-Month High in July

India's manufacturing industry experienced remarkable growth in July, evidenced by a rise in the Purchasing Managers' Index (PMI) to a 16-month peak of 59.1.

New orders and output saw accelerated growth, though job creation fell to its lowest point since November 2024. Business confidence also dipped to a three-year low.

Despite the robust domestic demand and marketing strategies boosting new orders to a near five-year high, firms faced higher costs and passed these onto consumers, with selling prices exceeding the long-term average.

(With inputs from agencies.)