Financial News: India Private Sector Growth Strongest In 4 Months

India Private Sector Growth Strongest In 4 Months

12/16/2024 - 04:15:00 (RTTNews)

(RTTNews) - India's private sector grew the most in four months in December as there were quicker increases in output at both manufacturers and service providers, flash data compiled by S&P Global showed on Monday.

The HSBC composite output index registered 60.7 in December, up from 58.6 in November. A score above 50.0 indicates expansion.

The manufacturing Purchasing Managers' Index rose to 57.4 from 56.5 in the previous month. Likewise, the services PMI improved to 60.8 from 58.4 a month ago.

At composite level, new orders grew at the most pronounced pace since July. Service providers led the rise in sales. Improving global demand for goods and services continued to boost total sales.

Firms continued to raise operating capacities by recruiting extra staff. Amid record growth in both the manufacturing and service sectors, employment growth hit a new series peak.

The backlogs increased at the joint fastest rate seen since August 2022. Service providers posted a quicker expansion in outstanding business volumes than manufacturers.

Business optimism strengthened in December and the level of positive sentiment hit its highest since September 2023.

Firms scaled up input purchasing in December. Driven by the rise in buying levels, pre-production inventories increased again. However, finished goods stocks slipped into contraction territory. Data showed that cost pressures across India's private sector receded from September's 15-month high. Rates of inflation were broadly similar across the manufacturing and service sectors.

Companies increased their selling prices but the rate of charge inflation eased from November's near 12-year high. Official data today showed the wholesale price inflation softened to 1.89 percent in November from 2.36 percent in October. Inflation was expected to slow to 2.2 percent. Food prices grew 8.63 percent annually versus 8.84 percent in the previous year.

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