Manufacturing PMI hits 8.5 year low in July due to GST
The Nikkei India Manufacturing Purchasing Managers' Index slowed to 47.9 in July, its lowest level since February 2009. The introduction of the new Goods and Services Tax (GST) pulled down the manufacturing index temporarily, which stood at 50.9 in June. A reading above 50 indicates expansion in economic activity, while below 50 denotes a contraction.