Economy - Reports
India's business sector robust growth continues in October As on : 24-Oct-24  11:20

India's private sector economy continued to showcase robust growth in October, according to the latest HSBC 'flash' PMI survey compiled by S&P Global.

A quicker upturn in new work intakes encouraged companies to scale up business activity and recruit additional workers. The uptick in growth momentum was accompanied by an intensification of price pressures.

Manufacturers outperformed service providers regarding rates of expansion for output and sales, and also recorded faster increases in input costs and selling charges.

Meanwhile, hiring was stronger in the service sector. Posting 58.6 in October, the HSBC Flash India Composite Output Index ' a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors ' was inside growth territory (above 50.0) for the thirty-ninth successive month.

Moreover, the headline figure rose from a final reading of 58.3 in September and outpaced its long-run average of 54.7. The acceleration in growth was supported by quicker increases in factory production and services activity.

The HSBC Flash India Manufacturing PMI ' a single-figure snapshot of factory business conditions calculated from measures of new orders, output, employment, supplier delivery times and stocks of purchases ' recovered from September's eight-month low of 56.5 to 57.4 in October.

Registering well above the series trend, the latest figure was consistent with a substantial improvement in the health of the sector.

Powered by Capital Market - Live News