TOKYO -- Growth in India’s manufacturing sector slowed in July amid modest gains in new orders, according to a survey.
The Nikkei India Manufacturing Purchasing Managers Index, or PMI, fell from 53.1 in June to 52.3 in July, edging closer to the 50-point line separating expansion from contraction. The reading was still the second strongest of the year after June and marked the 12th straight month of expansion.
The growth rate in new orders softened slightly since June, but it was still “solid”, according to the survey.
“We must not lose sight of the fact that the sector continued on a steady expansionary path, as production and new business rose at marked rates,” said Aashna Dodhia, Economist at IHS Markit, which compiles the survey.
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