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Investing.com -- India’s manufacturing sector expanded at its fastest pace in 16 months during July, according to a survey released Friday.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 59.1 in July from 58.4 in June.
This was slightly below the preliminary reading of 59.2 but remained well above the 50-mark that separates growth from contraction.
The strong performance was driven by robust demand across the manufacturing sector.
However, the survey also revealed that business confidence fell to a three-year low as manufacturers faced increasing competitive pressures and concerns about inflation.
The July reading indicates continued strength in India’s manufacturing sector despite the challenges of competitive market conditions and inflation worries that have dampened long-term business outlook.
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