Financial News: India Private Sector Growth Slowest In 9 Months

India Private Sector Growth Slowest In 9 Months

09/23/2024 - 02:42:00 (RTTNews)

(RTTNews) - India's private sector activity continued to expand strongly in September, though at the weakest pace in this year so far, flash survey data from S&P Global showed on Monday.

The flash HSBC composite output index dropped to 59.3 in September from 60.7 in August. However, a score above 50 indicates expansion in the sector.

The survey revealed that the manufacturing and service sectors showed similar trends this month.

The manufacturing purchasing managers' index dropped to a 9-month low of 56.7 in September from 57.5 in the previous month.

The services purchasing managers' index declined to 58.9 in September from 60.9 in the prior month.

Both output and new orders grew at the slowest rates this year in the Indian private sector. However, employment levels rose at a faster pace, supported by improving business confidence.

On the price front, input price inflation rose only marginally in September. The overall rise was attributed to higher prices for raw materials and electricity. The output price inflation marked the softest increase in eight months.

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