PMI Data Shows Robust Growth in India's Business Activity
PMI Data Highlights Growth in India's Business Activity
India’s business activity saw a significant boost in October 2024, as suggested by the latest PMI data. The HSBC flash India Composite Purchasing Managers’ Index rose to 58.6, an improvement from September's 58.3, marking a positive trend for the country’s economic indicators.
Key Insights from the PMI Report
- Manufacturing Sector Resurgence: The manufacturing PMI increased to 57.4, indicating renewed growth momentum after recent slowdowns.
- New Orders Surge: New orders and export orders expanded, suggesting a favorable outlook for industrial production in the coming months.
- Job Creation Peaks: The survey reported the fastest pace of job creation since February 2006, with hiring in the services sector surpassing the manufacturing sector.
With a stable index above 50 for 39 months, the sustained growth trend reflects the resilience of India’s economy. Despite challenges from rising input prices, the business outlook remains cautiously optimistic for manufacturers.
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