Financial News: Indian Private Sector Growth Remains Strong

Indian Private Sector Growth Remains Strong

08/22/2024 - 02:57:00 (RTTNews)

(RTTNews) - India's private sector economy continued to expand at a robust rate amid a continued sharp upturn in new orders, flash survey data from S&P Global showed on Thursday.

The flash HSBC composite output index dropped slightly to 60.5 in August from 60.7 in July. However, a score above 50 indicates expansion in the sector.

There was a softer increase in manufacturing industry output and a fractionally stronger rise in activity across the service economy, the survey said.

The manufacturing purchasing managers' index dropped to a 3-month low of 57.9 in August from 58.1 in the previous month.

The services purchasing managers' index rose to 60.4 in August from 60.3 in the prior month.

Indian private sector companies experience another rise in new orders, linked to demand strength and favorable market conditions, alongside brand recognition and successful advertising. Despite slowing to a 3-month low, the rate of growth in new business was sharp. Similarly, new export orders grew at the weakest pace in four months.

On the price front, both input and output charges increased at softer rates. The overall cost burdens were driven by higher costs for building maintenance, food, labor, raw materials, and transportation.

During August, private sector companies created solid job creation, and they remained positive towards growth prospects on the back of expectations that demand conditions would remain favorable.

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