Marking an upswing in the economic performance, the Purchasing Managers' Index (PMI) for manufacturing sector expanded in may 2019 and rose to a handsome figure of 52.7 against 51.8 in April 2019, reports Hindu BusinessLine.
This gains significance as the May 2019's performance has turned out to be the strongest growth recorded in the manufacturing sector over the past three months. Various industries covered in the index include crucial basic metals, electrical and optical, chemicals and plastics, mechanical engineering, textiles clothing, timber and paper and transport.
It should be noted that a PMI figure more than 50 shows expansion in the manufacturing activity and an index value below 50 signifies contraction.
The development gains further significance after the economic performance for the January-March 2019 quarter had slumped to a five year low of 5.8 per cent quarterly growth in the GDP value.
A good chunk of the manufacturing activity was recorded because of the rise in export orders which expanded at the quickest pace in six months.
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