Indian factory activity gains momentum in August amid GST confusion

Lucy Bush
September 2, 2017

India's services PMI (Purchase Managers' Index) from July's 101-month low of 47.9 to 51.2 in August, 2017, according to Nikkei.

That's up from 51.1, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Production and new orders were especially strong (61.4 and 64.3 points), but they were coupled with a robust expansion in inventories (58.9 points) rather than in sales (50.9 points).

Individually, new business surged at the quickest pace in more than three years, riding a wave of foreign demand.

To cope, companies stepped up the pace of hiring, which Gill said a current upswing in employment still had "far from run its course".

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"A particularly strong showing by the non-metallic mineral products sub-sector reflects its close links with the building and construction industry buoyed by investment in infrastructure, a lift in commercial building and solid levels of activity in residential building", Willox continued.

This was above consensus forecasts of 55.0, the strongest reading for four months and the second-highest reading in 3 years.

The rate of expansion in the United Kingdom manufacturing sector accelerated again in August.

Size was no barrier to success, either, with growth reported across all sectors and amongst SMEs and large-scale manufacturers alike.

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However, stricter environmental policies were a key factor leading to longer delivery times, whilst inflationary pressures intensified as input costs and output charges both rose at faster rates.

Prime Minister Narendra Modi scrapped high value currency notes past year in a bid to fight corruption and wipe out black money. Following the GST launch, new orders and output dropped for the first time since the downturn in December previous year post demonetisation.

The latest official data showed retail inflation rose 2.36 percent in July on an annual basis after easing for three consecutive months.

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Other reports by Info About Network

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