Manufacturing revives |
India’s manufacturing economy is reviving at the beginning of the second half of 2016 after the slowdown seen in April-June quarter, as growth of both production and new orders continues to strengthen in July. Pollyanna De Lima, Economist at Markit and author of the report, said.Supported by greater demand from both domestic and external markets, total new business rose at the fastest pace since March.Although output expanded at the fastest rate since March and backlog accumulation intensified, businesses refrained from creating jobs.Only 1 per cent of surveyed companies took on additional workers in July, while almost all the remaining respondents signalled no change in payroll numbers. Meanwhile, the depreciation of the rupee supported Indian exporters as survey data pointed to the quickest rise in new business from abroad since January.
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