Modest Growth Recorded By India's Private Sector: HSBC Index

ENA Sectors 2024-11-22 14:03:40 New Delhi, Nov 22 (KNN) India's private sector activity demonstrated modest growth in November, with the HSBC Flash India Composite Output Index reaching a three-month high of 59.5, up from October's 59.1, according to the latest economic indicators. The expansion comes despite mounting cost pressures, which have reached their highest level in 16 months across both manufacturing and services sectors. The services sector emerged as a particular bright spot, with job creation reaching unprecedented levels since record-keeping began in December 2005. Meanwhile, the manufacturing sector experienced a slight cooling, with the Flash Manufacturing PMI edging down to 57.3 from October's 57.5, though it maintained stronger new order growth compared to the services sector for the third consecutive month. Inflationary pressures have become increasingly prominent, with manufacturers reporting higher costs across various raw materials including aluminium, cotton, leather, and rubber. Services providers similarly faced increased expenses, particularly in food commodities such as cooking oils, eggs, meat, and vegetables, alongside rising wage bills. This cost surge has prompted businesses to implement the steepest price increases for their customers since February 2013. Despite these challenges, business optimism remains robust, with confidence levels regarding future output reaching a six-month high. India's flash composite PMI demonstrates moderate expansion, with services showing enhanced growth while manufacturing maintains strong performance despite a slight moderation, noted Pranjul Bhandari, Chief India Economist, HSBC. The Flash PMI, which captures 80 per cent to 90 per cent of responses from approximately 400 companies, continues to indicate expansion with readings above the crucial 50-point threshold. (KNN Bureau) India's flash composite PMI demonstrates moderate expansion, with services showing enhanced growth while manufacturing maintains strong performance despite a slight moderation, noted Pranjul Bhandari, Chief India Economist, HSBC. The Flash PMI, which captures 80 per cent to 90 per cent of responses from approximately 400 companies, continues to indicate expansion with readings above the crucial 50-point threshold. (KNN Bureau) 40000 https://knnindia.co.in/news/newsdetails/sectors/modest-growth-recorded-by-indias-private-sector-hsbc-index 2024-11-22 14:03:40 knnindia.co.in Modest Growth Recorded By India's Private Sector: HSBC Index