Financial News: India Private Sector Growth Strongest In 3 Months

India Private Sector Growth Strongest In 3 Months

07/24/2024 - 02:31:00 (RTTNews)

(RTTNews) - India's private sector activity expanded at the quickest pace in three months amid strong rises in new business and output, flash survey data from S&P Global showed on Wednesday.

The flash HSBC composite output index rose to 61.4 in July from 60.9 in June. A score above 50 indicates sectoral expansion.

During July, growth strengthened at goods producers and service providers, with the former leading the upturn, the survey said.

The manufacturing purchasing managers' index climbed to a 3-month high of 58.5 in July from 58.3 in the previous month.

The services purchasing managers' index rose to 61.1 in July from 60.5 in the prior month.

New orders received by the Indian private sector grew at the fastest pace in three months, with rates of expansion accelerating in the manufacturing and service sectors. New export demand also remained strong in July.

Firms continued to add workforce numbers in July, and employment expanded at one of the strongest rates seen in just less than 19 years of data collection.

On the price front, input price inflation remained solid in July amid higher costs for raw materials, transportation, and labor. Consequently, companies raised their selling prices, and the overall rate of charge inflation was marked and the steepest in more than eleven years.

Looking ahead, Indian private sector companies were confident about expected business activity in the next twelve months amid hopes of increased advertising, buoyant demand, and new client inquiries.

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