India Sep biz activity rebounds to 3-month high
India's business activity surged in September, reaching a three-month high, according to a preliminary survey. The HSBC India Composite Purchasing Managers' Index (PMI) rose to 56.5, marking its highest level since June and surpassing market expectations. This expansionary reading, above the 50 mark, indicates growth in the economy.
However, the rebound was not enough to reverse the quarter's overall slowdown, as the composite index averaged 55.1 for the entire quarter, down from 58.2 in the previous three months, signaling a softer growth rate for Asia's third-largest economy. Despite the improved manufacturing PMI of 55.7 and services PMI of 55.8, weaker export momentum and muted hiring in both sectors tempered the positive outlook.
Input-cost inflation eased to its lowest level since January, providing businesses with some respite, but selling-price inflation remained broadly unchanged, indicating limited relief for consumers from rising prices. Business confidence about the coming year also rose to a four-month high.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
