Latest news with #Bhandari
Business Times
5 hours ago
- Business
- Business Times
India's economic activity sends mixed signals in July, PMIs show
[MUMBAI] India's manufacturing activity strengthened in July, while the services sector showed signs of easing, according to a flash survey by HSBC Holdings. The manufacturing purchasing managers' index rose to 59.2 in July from 58.4 in June, marking its highest level in nearly 17.5 years, according to HSBC. In contrast, the services purchasing managers' index edged down to 59.8 from 60.4 last month, slightly weighing on overall activity. As a result, the composite index eased to 60.7 compared with 61.0 in the previous month. The indexes reflect business confidence in the economy and are based on preliminary surveys. The data could get revised when final PMI figures are released next month. A reading above 50 indicates expansion in economic activity, while a print below that indicates contraction. The composite PMI remained healthy, bolstered by growth in total sales, export orders, and output levels, said Pranjul Bhandari, chief India economist at HSBC, in a statement on Thursday (Jul 24). However, inflationary pressures 'continue to heat up as both input costs and output charges rose in July,' Bhandari said. Business confidence fell to its lowest mark since March 2023, while employment growth moderated to its weakest pace in 15 months, Bhandari said. The mixed economic signals follow an unexpected 50-basis-point cut in the policy interest rate by the Reserve Bank of India last month. While a favourable monsoon has improved the outlook for agriculture, uncertainty surrounding ongoing trade negotiations with the US continues to weigh on India's export performance. 'New orders increased to a greater extent in the manufacturing industry than in the service economy, as growth quickened in the former whilst it eased in the latter,' HSBC said. BLOOMBERG
Mint
8 hours ago
- Business
- Mint
Buoyant global demand continues to support India's economic output, says S&P Global
Operating conditions across India's private sector continued to improve in July, with a sharp expansion in total sales, export orders and output levels, S&P Global said on Thursday, citing its latest HSBC flash purchasing managers index (PMI) data. At 60.7 in July, the seasonally adjusted composite output index, which measures the monthly change in the combined output of India's manufacturing and service sectors – was little-changed from June's final print of 61, signalling another month of high growth, S&P said. The headline figure remained well above its long-run average of 54.8, the credit rating and intelligence provider said. Goods producers registered a faster increase in output than service providers as the pace of expansion picked up to the strongest since April 2024. There was a softer upturn in services activity during July, though growth remained sharp by historical standards, S&P said. Its manufacturing purchase managers index, which combines data on new orders, output, jobs, supplier delivery times and inventories, rose from 58.4 in June to 59.2 in July, its highest reading in almost 18 years and indicative of a robust improvement in the health of the manufacturing industry. The manufacturing PMI output index stood at 62.5 in July, compared to 62.1 in June. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. As was the case for output, new orders increased to a greater extent in the manufacturing industry than in the service economy, as growth quickened in the former and eased in the latter, the S&P said. At the composite level, overall sales expanded at the fastest pace in exactly a year. The strong performance in the composite index was bolstered by growth in total sales, export orders, and output levels, the statement quoted Pranjul Bhandari, chief India economist at HSBC, as saying. 'Indian manufacturers led the way, recording faster rates of expansion than services for all of the three aforementioned metrics. Meanwhile, inflationary pressures continue to heat up as both input costs and output charges rose in July," he said. Bhandari also said business confidence fell to its lowest since March 2023, while employment growth moderated to its weakest pace in 15 months. S&P said July data highlighted a pick-up in cost pressures across the private sector. According to monitored firms, aluminium, cotton, food items like cooking oil, egg, meat and vegetables as well as rubber, steel and transportation saw prices increase. The rate of inflation was solid, but below its long-run average. Services companies recorded a faster increase in input prices than their manufacturing counterparts, S&P said. The RBI estimates India's economy will grow at 6.5% in the current financial year. The June quarter is expected to have seen 6.5% growth, followed by a 6.7% expansion in the September quarter, 6.6% in the December quarter and 6.3% in the March quarter. Risks are evenly balanced, according to the RBI.
Hans India
9 hours ago
- Business
- Hans India
Manufacturing drives India's flash PMI to 60.7 in July, private sector shows robust growth
New Delhi: India's private sector showed robust growth in July, fuelled by strong manufacturing and global demand, the HSBC Flash India Composite Purchasing Managers' Index (PMI) showed on Thursday. The headline HSBC Flash India Composite PMI Output Index, compiled by S&P Global, rose to 60.7 in July from 58.4 in June. The Manufacturing PMI index climbed to 59.2 in July from 58.4 in June - its highest level in nearly 17-and-a-half years. The Services PMI was 59.8 in July, down from 60.4 in June. While services activity continued to grow, the pace of expansion softened, according to the note. "India's flash composite PMI remained healthy in July at 60.7. The strong performance was bolstered by growth in total sales, export orders, and output levels. Indian manufacturers led the way, recording faster rates of expansion than services for all of the three aforementioned metrics," said Pranjul Bhandari, chief India economist at HSBC. International orders received by private sector firms in India rose sharply at the start of the second fiscal quarter (Q2 FY26). "Meanwhile, inflationary pressures continue to heat up as both input costs and output charges rose in July. Finally, business confidence fell to its lowest mark since March 2023, while employment growth moderated," Bhandari noted. The Indian companies remained optimistic about output growth over the next 12 months. There is a firm pick-up in employment, especially in the service sector, suggesting healthy job creation accompanies the expansion of both India's manufacturing and service sectors, according to the note. While goods producers indicated the slowest increase in output for three months during May, service providers reported the fastest rise since March 2024. At the composite level, the latest upturn was the quickest in just over a year. Monitored companies attributed growth to buoyant demand, investment in technology and expanded capacities, said the HSBC survey.
Daily Maverick
a day ago
- Business
- Daily Maverick
Birkin v Wirkin: the backlash against the global elite and their luxury bags
The Birkin bag made by luxury retailer Hermès is a must-have for the global elite. Listen to The Conversation Weekly podcast to hear two sociologist discuss what it symbolises. The Birkin bag made by French luxury retailer Hermès has become a status symbol for some of the global elite. Notoriously difficult to obtain, a select few obsess over how to get their hands on one. But when US retailer Walmart recently launched a much cheaper bag that looked very similar to the Birkin, nicknamed a 'Wirkin' by others, it sparked discussions about wealth disparity and the ethics of conspicuous consumption. In this episode of The Conversation Weekly podcast, we speak to two sociologists about the Birkin and what it symbolises. For the rich housewives of Delhi, the Birkin bag is a must-have, says Parul Bhandari. A sociologist at the University of Cambridge in the UK, she's spent time interviewing wealthy Indian women about their lives and preoccupations. She told us: A bag that is carried by rich women of New York, of London, of Paris, is something that you desire as well, so it's a ticket of entry into the global elite. Birkins are also used by some of these rich women as a way to show off their husbands' affection, Bhandari says: ' Not only from the point of view of money, because obviously this bag is extremely expensive, but also because it is difficult to procure.' The harder your husband tries to help you get the bag, the more getting one is a testimony of conjugal love. Manufactured scarcity Named after the British actress Jane Birkin, Hermès's signature bag can cost tens of thousands of dollars, or more on the resale market for those made in rare colours or out of rare leathers. But you can't just walk into any Hermès store to buy one, as Aarushi Bhandari, a sociologist at Davidson College in the US, who studies the internet – and is no relation to Parul – explains. You need to have a record of spending tens of thousands of dollars even before you're offered to buy one. But spending that money doesn't automatically mean you get a bag. You have to develop a relationship with a sales associate at a particular Hermès store, and the sales associate really gets to decide, if there's availability, whether or not you get offered a bag. Bhandari became intrigued by online communities where people discuss the best strategies for obtaining a Hermès. So when US retailer Walmart launched a bag in late 2024 that looked very similar to a Birkin, and the internet went wild, Bhandari was fascinated. She began to see posts on TikTok discussing the bag. First, it was fashion accounts talking it up, but then a backlash began, with some users criticising those who would spend thousands on a real Birkin and praising the 'Wirkin' as a way to make an iconic design accessible to regular people. Bhandari sees this as an example of an accelerating form of anti-elitism taking hold within parts of online culture. @chronicallychaotic_ Why aren't people ashamed and embarrassed to flaunt wealth? ♬ original sound – Chronically Chaotic In February, the chief executive of Hermès, Axel Dumas, admitted that he was 'irritated' by the Walmart bag and that the company took counterfeiting 'very seriously'. The Walmart bag quickly sold out, and no more were put on sale. It has since entered into a partnership with a secondhand luxury resale platform called Rebag, meaning customers can buy real Birkins secondhand through Walmart's online marketplace. The Conversation approached Hermès for comment on the Walmart bag, and to confirm how the company decides who is eligible to buy a Birkin. Hermès did not respond. DM This story first appeared in The Conversation. Gemma Ware is the Host of The Conversation Weekly Podcast, The Conversation. Listen to the full episode of The Conversation Weekly podcast to hear our conversation with Parul Bhandari and Aarushi Bhandari, plus an introduction from Nick Lehr, arts and culture editor at The Conversation in the US. This episode of The Conversation Weekly was written and produced by Katie Flood. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.
News18
a day ago
- Politics
- News18
Nepal: PM Olis party rejects former presidents bid to re-join party politics
Kathmandu, Jul 23 (PTI) Nepal's ruling CPN-UML has blocked former president Bidya Devi Bhandari's bid to re-enter active politics, saying it would be inappropriate for a former head of state to engage in a partisan role. During a meeting of the CPN-UML's Central Committee, the party also endorsed the proposed statute amendment – passed by the party's Secretariat and Politburo – to remove the age limit of 70 years and the two-term cap for leadership. With this amendment, 74-year-old Prime Minister and CPN-UML chairman K P Sharma Oli, who is serving his second term as party chairman, can continue to serve the party in his position. Bhandari's decision to re-join party politics was anticipated as a challenge to Oli, who has been elected as the party's chairman twice. He is planning to contest for the post of the party's chairperson for the third time. Briefing the media, party's General Secretary Shanker Pokharel said on Wednesday that Bhandari's general membership of the party has become ineffective as the central committee made the decision towards that direction. Bhandari, who retired as president on March 12, 2023, recently said that she was willing to re-enter party politics. PTI SBP ZH ZH (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 23, 2025, 17:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
