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Financial News: India Private Sector Growth Remains Robust In May

India Private Sector Growth Remains Robust In May

05/23/2024 - 02:56:00 (RTTNews)

(RTTNews) - India's private sector activity logged the third strongest growth in close to fourteen years in May, driven by a sharp acceleration in the service sector, flash survey data from S&P Global showed on Thursday.

The flash HSBC composite output index rose to 61.7 in May from 61.5 in April. A score above 50 indicates expansion in the sector.

Although the manufacturing industry was still driving increases in output and sales, the latest acceleration of the overall economic expansion was driven by the service sector, the survey said.

The growth also resulted from successful advertising, efficiency gains, robust intakes of new work, and demand strength, the survey said.

While manufacturing production increased at its slowest rate since February, service firms saw the highest growth in business activity in four months.

The manufacturing purchasing managers' index dropped to 58.4 in May from 58.8 in the previous month. Nonetheless, it remained strong overall by historical standards.

The services purchasing managers' index climbed to 61.4 in May from 60.8 in the prior month.

Another positive sign in the Indian private sector was witnessed in the strength of new export orders, which expanded at the fastest rate since the inception of the series in September 2014. Total new orders also grew significantly.

As a result, private sector employment increased at the quickest pace since September 2006.

On the price front, cost pressures intensified during May amid higher costs for chemicals, food, plastics, electronic components, and electrical items. Consequently, selling prices likewise rose to a greater extent.

Finally, the future output index rose markedly in May on the back of an improvement in confidence surrounding near-term output prospects among Indian private sector firms.

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