India manufacturing picks up; sharply narrower current-account gap predicted

HSBC's purchasing managers index for India improved slightly but marked further contraction in the sector in September. The reading of 49.6 was up from August's 48.5. Separately, a report by State Bank projected India's current-account deficit would narrow sharply to 1.5% to 1.7% of GDP over the final nine months of the fiscal year, partly due to declining gold imports.

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