RTTNews - India's Purchasing Managers' Index or PMI expanded for the second consecutive month in May, reports said citing data released by Markit Economics on Monday. The PMI increased to 55.7 in May from 53.3 in April.

A reading above 50 indicates expansion, while a reading below 50 signals a contraction. The index reached a low value of 44.4 in December last year, but has been increasing continuously since then, the reports said.

The manufacturing index increased mainly due to a rise in the new orders index, which moved up to 59.1 in May from 54.9 last month. Reports further said that although domestic demand showed some improvement in May, the export sector was hit hard.

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