(RTTNews) - India’s manufacturing activity expanded for the third consecutive month in June, though at a slower pace, reports said Wednesday quoting results of a survey from Markit Economics.

The Purchasing Managers’ Index for the manufacturing sector declined to 55.3 in June from 55.7 in the preceding month. The index hit a low reading of 44.4 in December, but has been rising steadily since then.

A reading above 50 indicates expansion, while a reading below 50 signals a contraction.

Meanwhile, the survey reportedly said that signs that manufactures’ pricing power may be returning could provide some respite for profit margins.

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