In June 2024, India's manufacturing PMI reached a 19-year high for hiring, driven by robust demand and a surge in domestic steel production.

India's manufacturing PMI surged in June 2024, reaching its highest hiring activity in 19 years, driven by robust demand. The Eight Core Industries Index increased by 6.5% year-on-year in the first two months of FY25, primarily due to increased activity in essential sectors like coal, natural gas, and electricity. Steel demand rose with double-digit growth year-on-year, supported by strong demand from sectors such as real estate, which experienced an 11-year high in home construction during the first half of the calendar year 2024. This surge in domestic demand has boosted steel production and overall industrial expansion in India.

July 10, 2024
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