Financial News: India Private Sector Growth Strongest Since June 2010

India Private Sector Growth Strongest Since June 2010

04/23/2024 - 02:37:00 (RTTNews)

(RTTNews) - India's private sector activity expanded at the quickest pace in nearly fourteen years, boosted by positive demand trends across the manufacturing and services sectors, flash survey data from S&P Global showed on Tuesday.

The flash HSBC composite output index rose to 62.2 in April from 61.8 in March. A score above 50 indicates expansion in the sector.

Buoyant demand conditions fueled new business intakes and output in April. Both output and new orders grew at the quickest pace in almost fourteen years.

The Indian manufacturing sector signalled a sharper rate of expansion. The manufacturing purchasing managers' index came in at a stable reading of 59.1.

The services purchasing managers' index climbed to 61.7 in April from 61.2 in the prior month.

New export orders received by the Indian private sector rose at the fastest rate since the series started in September 2014 amid stronger sales to clients in Africa, Asia, Australia, the Americas, Europe, and the Middle East.

Private sector firms raised their staff numbers marginally in April, while input buying stepped up, and the rate of growth was the fastest in ten months.

On the price front, slower rates of inflation were witnessed for both aggregate input costs and output charges, and the rate of increase was below its long-run average.

Looking ahead, the overall future business outlook improved further in April, buoyed by robust demand.

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