After a very rough day for the Indian economy, which, it was revealed on Thursday, grew just 5.3 per cent in the quarter ending in March, Friday showed a glimmer of hope. Manufacturing in the subcontinent in May continued to grow at a steady pace, despite slowing slightly from the previous month.
According to PMI figures released by HSBC and Markit on Friday, India fell in May to 54.8, down slightly from 54.9 in April, well above the 50 benchmark that separates growth from contraction, on the back of faster growth in output, stocks of purchases, and employment.[/B]
India: PMI gives a glimmer of hope | beyondbrics