India’s economic landscape in July presented a mixed picture, with the manufacturing industry showing strong growth while the services segment experienced a slight slowdown. According to preliminary data from HSBC Holdings Plc, the manufacturing purchasing managers’ index (PMI) climbed to 59.2 in July, up from 58.4 in June. This marked the highest level recorded in nearly 17.5 years. Meanwhile, the services PMI dipped slightly to 59.8 from 60.4 the previous month, contributing to a modest decline in the overall economic activity index. The composite PMI, which combines both manufacturing and services data, decreased to 60.7 from 61.0 in June.
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India’s Economic Activity Sends Mixed Signals in July, PMIs Show
India’s manufacturing activity strengthened in July, while the services sector showed signs of easing, according to a flash survey by HSBC Holdings Plc.
The manufacturing purchasing managers’ index rose to 59.2 in July from 58.4 in June, marking its highest level in nearly 17.5 years, according to HSBC. In contrast, the services purchasing managers’ index edged down to 59.8 from 60.4 last month, slightly weighing on overall activity. As a result, the composite index eased to 60.7 compared to 61.0 in the previous month.