India October Business Growth Reaches 4-Month High as Services Lead
India business activity hits a 4-month high in October as PMI rises to 56.7. Explore how services drove expansion while hiring stalled.
POLICY WIRE — Bengaluru, India — Private-sector business activity across the nation advanced at its fastest pace in four months during October, propelled primarily by a robust acceleration in the services sector.
Data from the preliminary survey revealed that HSBC’s flash India Composite Purchasing Managers’ Index, compiled by S&P Global, climbed to 56.7 this month compared to 55.9 in September.
Stronger incoming orders and increased export demand fueled the broader economic pickup. Despite the sharp rise in output, employment growth essentially paused as firms chose to absorb heavier workloads with their current workforce.
Price pressures showed signs of moderating during the period, resulting in a cooling of input-cost inflation across both manufacturing and service industries. While manufacturing expansion eased slightly, the dominant services sector powered the macroeconomic resilience.
Reporting by Policy-Wire (PW)
