Witnessing Slow Growth in Manufacturing Sector this July
The monthly survey indicates that the manufacturing sector in the country is in a mode of slow increase as the there is growth in output and a slit increase in employment. The Manufacturing Purchasing Manager Index (PMI) stood at 52.3 in the month of July, down from 53.1 in the month of June. The Manufacturing index is above 50-points mark for the 12th consecutive month, where PMI below 50 means contraction and above 50 means expansion.
The domestic and export orders have been increased for the 9th time consecutively in the month of July. This is a reflection of the sustained periods of the hike in outputs and orders, this made the companies to heir more staff which marked a increase in employment.
Manufacturing in the country is being highly promoted by the government and there are many reforms which being introduce on daily basis. The roll out of GST tax reform and Demonetization in 2017 made a short impact in the businesses but as of now things are back on track and economy is growing slowly.