Financial News: India Private Sector Growth Strongest In 3 Months

India Private Sector Growth Strongest In 3 Months

11/22/2024 - 01:48:00 (RTTNews)

(RTTNews) - India's private sector activity expanded at the fastest pace in three months in November despite rising cost pressures, flash survey data from S&P Global showed on Friday.

The flash HSBC composite output index rose to 59.5 in November from 59.1 in October. A score above 50 indicates expansion in the sector.

The survey revealed that service activity picked up pace in November, while the growth in manufacturing eased slightly.

The services purchasing managers' index increased to 59.2 in November from 58.5 in the prior month.

The manufacturing purchasing managers' index dropped to 57.3 in November from 57.5 in October.

New orders grew substantially in November amid strong demand conditions, and goods producers noted a faster upturn than service providers. Export demand was also favorable amid gains from across the globe, including Asia, Europe, and the Americas.

Firms initiated further hiring efforts, and the rate of job creation has increased at its fastest rate since composite data became available in December 2005.

On the price front, input price inflation accelerated to a more than 1-year high. Consequently, companies hiked their selling charges at the quickest pace in just under 12 years as demand strength allowed them to pass on additional cost burdens to their clients. Further, rates of charge inflation were broadly similar across the two sectors.

Looking ahead, business confidence rebounded in November, with the future output index rising to a 6-month high as marketing efforts and new client inquiries bode well for the business outlook, with positive demand trends also expected to underpin growth over the course of the coming 12 months.

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