Manufacturing PMI climbs to 17-year high of 59.2 in July
The HSBC Flash India Composite Output Index was at 60.7 in July, slightly lower than 61 in June. The Composite Purchasing Managers Index (PMI) is a weighted average of comparable manufacturing and services indices.
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"India's flash composite PMI remained healthy in July. The strong performance was bolstered by growth in total sales, export orders, and output levels," said Pranjul Bhandari, chief India economist at HSBC.
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Manufacturing PMI
climbed to 59.2, its highest level in around 17 years, "indicative of a robust improvement in the health of the manufacturing industry", the survey mentioned. Goods producers experienced a faster rise in output compared to service providers.
Similarly, regarding output, manufacturers saw a sharper increase in new orders than the service sector, with growth accelerating in the former but easing in the latter.
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Overall, sales expanded at their quickest pace in a year.
"Indian manufacturers led the way, recording faster rates of expansion than services for all of the three metrics - sales, output and export orders," said Bhandari.
International orders surged to their strongest level since the series began, the survey noted, driven by demand from across the world, including Asia, Europe and US. "Growth of new export orders accelerated in the service economy, whilst it slowed among goods producers," it added.
However, job creation slowed in July, marking the weakest employment growth in 15 months, with a notable slowdown in the services sector. Meanwhile, inflationary pressures continue to heat up as both input costs and output charges rose in July, said Bhandari.
According to the firms surveyed, prices rose in aluminium, cotton, foodstuffs (cooking oil, egg, meat, vegetables), rubber, steel and transportation. Service firms faced a steeper rise in input costs compared to manufacturers.
"Charge inflation likewise intensified in July, as private sector companies sought to share additional cost burdens with their clients by lifting selling prices," it added.
Business sentiment, meanwhile, dropped to its lowest level since March 2023, though firms remained optimistic about output growth in the next 12 months.
"Finally, business confidence fell to its lowest mark since March 2023, while employment growth moderated to its weakest pace in 15 months," said Bhandari.
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