New Delhi, 24 June (IANS). According to HSBC flash PMI data, Indian economic activity in June has reached a 14 -month high. Companies increased production in response to the rapid growth of total new business and record increase in export order
HSBC Flash India Composite output index measures a monthly change in joint production of manufacturing and service sectors of India. The index reached a 14 -month high with 61.0 in June.
Increased from 59.3 in May, the latest reading corresponds to the faster rate of expansion, above the average of the long -term series.
The manufacturers led the bounce in commercial activity, although development in the service economy also gained momentum. The rates of growth were at the highest level of two and ten months respectively.
The firm remained in recruitment mode, as the pending workload increased.
Meanwhile, HSBC reports stated that inflation softened due to the fastest increase in input costs in ten months.
According to the panelists, the production increased due to favorable demand trends, efficiency benefits and technical investment.
HSBC Flash India Manufacturing PMI increased from 57.6 in May to 58.4 in June, indicating the best improvement in operating conditions since April 2024.
At the end of the first financial quarter, the new business with commodity producers and service providers increased, with a rapid rise in the east.
The report stated that at the overall level, the expansion rate was seen the strongest since July 2024.
Pranjul Bhandari, the chief India economist of HSBC, said, “India’s flash PMI indicated a strong growth in June. The new export orders promoted the private sector, especially the commercial activity of the manufacturing sector.”
Meanwhile, a combination of strong global demand and growing backlog inspired manufacturers to hire. Despite being slightly weak on a gradual basis from May to June, employment growth in the service sector is also healthy.
Bhandari said, “Finally, input and output prices for both manufacturing and service firms continued to rise, but there were signs of softening in growth rates.”
-IANS
SKT/
