India manufacturing PMI rises to 5 year high in December
TOKYO -- The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, rose to a 5 year high of 54.7 in December from 52.6 in November.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
"Strong business performance was underpinned by the fastest expansions in output and new orders since December 2012 and October 2016 respectively. Anecdotal evidence pointed to stronger market demand from home and international markets," said Aashna Dodhia, economist at IHS Markit, which compiles the survey.
"However, the sector continues to face some turbulence as delayed customer payments contributed to greater volumes of outstanding work... Challenges remain as the economy adjusts to recent shocks, but the overall upturn was robust compared to the trend observed for the survey history," Dodhia said.
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