India's factory activity expands at its fastest pace in eight months

India's factory activity rose at its fastest pace in eight months in July. The Manufacturing Purchasing Managers' Index, compiled by S&P Global, jumped to 56.4 in July from June's 53.9, remaining above the 50-level separating growth from contraction for a thirteenth month. The surge was driven by solid growth in new orders and output as demand continued to improve on the back of easing price pressures. The survey results suggested the Indian economy has remained resilient, at least for now, despite concerns over faster interest rate hikes, massive capital outflows, a weakening rupee and a rapidly slowing global economy.

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