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Financial News: India Private Sector Growth Strongest In 8 Months

India Private Sector Growth Strongest In 8 Months

03/21/2024 - 02:21:00 (RTTNews)

(RTTNews) - India's private sector activity expanded at the quickest pace in eight months, boosted by the accelerated growth in the manufacturing sector, flash survey data from S&P Global showed on Thursday.

The flash HSBC composite output index rose to 61.3 in March from 60.6 in February. A score above 50 indicates expansion in the sector.

Buoyant demand conditions fueled growth, with overall sales in the private sector rising at a sharp and accelerated pace, the survey said.

New export orders across the Indian private sector grew at the quickest pace in seven months, with faster increases evident at both manufacturing firms and their service counterparts.

The services purchasing managers' index dropped marginally to 60.3 in March from 60.6 in the prior month.

The manufacturing purchasing managers' index climbed to 59.2 from 56.9 in February.

Private sector firms raised their staff numbers in March, and the pace of job creation was the strongest in eight months.

On the price front, cost inflation accelerated to a 7-month high amid higher costs for food, metals, and plastics. As a result, selling prices rose at a faster rate.

Looking ahead, the survey pointed to a renewed improvement in business optimism amid hopes that marketing efforts will bear fruit and that economic conditions will remain conducive to growth. Besides this, new client inquiries and projects in the pipeline also boosted business sentiment.

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