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India PMI services 62.3 (consensus 58.0) in Jul-23

- India's PMI services index for July 2023 exceeded market expectations, reaching 62.3, indicating strong growth and increased business activity in the sector.
- The PMI services index's deviation of 3.98 points above the one-year average signifies a substantial acceleration in the sector's growth rate, reflecting a positive trajectory for the services industry in India.

India PMI manufacturing 57.7 (consensus 57.0) in Jul-23

- India's PMI manufacturing for July 2023 exceeded expectations, recording a reading of 57.7, indicating a solid expansion in the sector.
- Despite being the lowest level since April 2023, the PMI manufacturing reading remains 1.15 points above the one-year average, suggesting overall strength in the sector.

India industrial production 5.2% y-o-y (consensus 4.8) in May-23

- India's industrial production surged by 5.2% year-on-year in May-23, exceeding market expectations of 4.8% and marking the highest growth since February 2023.
- The May-23 industrial production figures outperformed the short-term and long-term averages, surpassing the one-year average by 1.14 percentage points and the long-run average by 2.38 percentage points, respectively. This indicates a strong recovery and sustained expansion in the Indian industrial sector.

India CPI inflation 4.81% y-o-y in Jun-23

- India's CPI inflation rate stood at 4.81% in June 2023, marking the highest growth since March 2023.
- The current inflation rate is 1.18 percentage points below the one-year average and 2.49 percentage points below the long-run average.