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Financial News: India Private Sector Growth Strengthens In June

India Private Sector Growth Strengthens In June

06/21/2024 - 03:56:00 (RTTNews)

(RTTNews) - India's private sector activity activity expanded at a quicker pace in June, underpinned by rises in both the manufacturing and service sectors, flash survey data from S&P Global showed on Friday.

The flash HSBC composite output index rose to 60.9 in June from 60.5 in May. A score above 50 indicates expansion in the sector.

During June, growth was more evident at goods producers than at service providers.

The manufacturing purchasing managers' index climbed to 58.5 in June from 57.5 in the previous month. The acceleration in growth was contributed by all of its five sub-components.

The services purchasing managers' index rose slightly to 60.4 in June from 60.2 in the prior month.

Private sector output in the Indian private sector grew sharply in June on the back of demand strength and new business gains. The growth in new orders quickened at goods producers and service providers.

New export demand was also strong amid noted gains from Africa, Asia, Australia, the Americas, Europe, and the Middle East.

Total employment in the private sector increased further in June in order to clear backlogs and fulfill rising production requirements. Moreover, the pace of job creation was the fastest in over 18 years.

On the price front, input pressures faced by private sector companies continued to increase in June amid higher labor and material costs. Nonetheless, the rate of inflation softened from May. Firms continued to raise their selling prices during June.

Looking ahead, business confidence remained positive as private sector firms in India expect marketing efforts to bear fruit and positive demand momentum to be sustained.

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