Added on : 2018-07-05 17:55:37
The Nikkei India Composite Purchasing Managers’ Index (PMI) for June 2018 came in at 53.3, its highest level since October 2016. The Composite PMI is a snapshot of private sector activity in the economy, a seasonally adjusted index that includes both manufacturing and services. A reading above 50 indicates expansion from the preceding month, while one below 50 denotes contraction. October 2016 was the last month before the twin blows of demonetisation and the goods and services tax (GST) beset the Indian economy. The fact that the composite PMI is now at its highest since October 2016 indicates that the economy has recovered its momentum.