Purchasing Managers Index (PMI):
As per the RBI, India’s services sector purchasing managers’ index (PMI), climbed to 59.2 in June, its highest reading in 11 years.
- Purchasing managers’ indexes are economic indicators derived from monthly surveys of private sector companies.
- IHS Markitproduces the PMI for India.
- The index is derived after a survey of 500 manufacturing companies and 350 services sector companies.
- A level above 50 denotes expansion in activity, while anything below signals contraction.
- As services constitute a big bulk of our economy’s output, the survey’s findings spell good news.