PMI Report Shows India’s April Business Growth At Near 14-Year High

PMI Report Shows India’s April Business Growth At Near 14-Year High

According to a recent report, strong demand helped India’s business activity soar in April, marking its fastest growth in almost 14 years. India is the largest economy, increasing at the highest rate of the year, according to the HSBC Flash India PMI, which also showed good employment growth and a decline in input inflation. The S&P Global and HSBC composite PMI increased to 62.2 in April, extending a trend of growth that began in August 2021.

Pranjul Bhandari, HSBC’s chief India economist, attributed the strong performance to increased new orders, leading to the highest composite output index since June 2010.

Services led the expansion, with the index hitting a three-month high at 61.7, driven by accelerated new business. The manufacturing PMI increased by 0.1% from the previous month, but it was still strong at 59.1.

The strongest composite sub-index since its inception in the poll in September 2014 was largely attributed to the continued strength of international demand. After a decline in March, strong sales improved the company’s expectations for the upcoming year. The increase in employment in services decreased in March, despite efforts to fulfill the increasing demand for jobs in manufacturing.