India's export orders surged in June, with the preliminary PMI indicating robust economic growth.

According to Gate News bot, a preliminary survey by HSBC Holdings plc shows that economic activity in India picked up in June, boosted by a surge in new export orders that has invigorated the manufacturing sector.

The Manufacturing Purchasing Managers’ Index (PMI) rose from 57.6 in May to 58.4, while the Services Purchasing Managers’ Index increased from 58.8 last month to 60.7. This pushed the composite index up from 59.3 in May to 61.

These indices reflect companies’ confidence in the economy and are based on preliminary surveys. The PMI final values to be announced next month may revise these data. An index above 50 indicates economic activity expansion, while below 50 indicates economic activity contraction.

HSBC Bank stated in a statement on Monday: “The number of new export orders from Indian private enterprises in June saw unprecedented growth. The recovery in manufacturing growth has driven this significant increase.”

HSBC’s Chief India Economist Pranjul Bhandari stated in a statement that strong manufacturing activity, supported by “robust global demand and increasing backlog orders,” drove an increase in hiring numbers for the month.

The sustained growth momentum has brought confidence to policymakers committed to promoting economic growth. Earlier this month, the Reserve Bank of India unexpectedly cut interest rates by 50 basis points, exceeding expectations.