India’s manufacturing activity eases to 57.7 in July

India’s manufacturing activity expanded in July, with the Purchasing Managers’ Index (PMI) at 57.7, slightly lower than June’s reading of 57.8. New orders increased, leading to an increase in production and employment. Input costs were at a nine-month high, leading to higher selling prices. Despite a seasonal slowdown, Barclays maintains its GDP growth forecast of 7.2% for 2023-24.