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Time of India
22-05-2025
- Business
- Time of India
India's private sector growth touches 13-month high in May, buoyed by services: HSBC
India's private sector activity picked up pace sharply in May, reaching its fastest rate of expansion in over a year, lifted by a surge in the services sector, as per the HSBC Flash PMI data released on Wednesday. The HSBC India Composite PMI Output Index climbed to 61.2 in May from 59.7 in April, the strongest growth seen since April 2024. This expansion was fueled by service providers, which saw the fastest rise in output in 14 months. The HSBC Flash India Services PMI Business Activity Index rose sharply to 61.2 in May from 58.7 in April, fuelled by solid demand, strong inflows of new business, and renewed confidence among firms. "The increase was the most pronounced since April 2024. There was a mild loss of growth momentum in the manufacturing industry but service providers reported the fastest rise in output in 14 months," HSBC said, quoted by ANI. While the services sector surged, the manufacturing industry showed mixed signals. The manufacturing PMI output index dipped slightly to 61.4 in May from 61.9 in April. However, the overall manufacturing PMI, which considers output, new orders, employment, delivery times, and inventories, rose to 58.3 from 58.2, indicating a healthy sector despite the mild slowdown in output. May's upturn in private sector performance marked the strongest monthly expansion since April last year as businesses across the services sector saw faster expansion in business activity and employment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 21st Century Skills Start with Confident Communication Planet Spark Learn More Undo Firms reported solid inflows of news businesses including both from domestic and those overseas. Confidence among businesses also rebounded for the first time since January, which firms attributed to strong demand, investments in technology, and increased production capacity. However, rising costs remained a concern. The survey indicated that both input costs and selling prices rose at the quickest rate since late 2024, reflecting a fresh build-up in inflationary pressures. Manufacturing sector reported the slowest growth of the last three months, while the services sector dominated the momentum, propelling the overall private sector to a 13-month high in activity. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
22-05-2025
- Business
- Business Standard
Private sector business activity rises to 13-month high in May: PMI data
India's private sector output grew at its fastest pace in 13 months in May, helped by a sharp rise in services that prompted the sector to employ more people, said a private survey on Thursday. HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.2, up from a downward revised figure of 59.7 in April. The index, which measures monthly change in the combined output of manufacturing and services, has been above the 50 mark that separates growth from contraction for the 46th consecutive month. "The increase was the most pronounced since April 2024. There was a mild loss of growth momentum in the manufacturing industry but service providers reported the fastest rise in output in 14 months," said the survey. The HSBC Flash India Manufacturing PMI was at 58.3 in May, little changed from April's reading of 58.2. The latest figure – a weighted average of new orders, output, employment, suppliers' delivery times and stocks of purchases indices –was consistent with a sharp improvement in the health of the sector. '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 survey. Pranjul Bhandari, chief India economist at HSBC, said the flash PMI for May indicates another month of strong economic performance as growth in production and new orders among manufacturing firms remains robust, despite a marginal cooling from the rates of increase observed in April. 'Notably, 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," she said. Flash PMI records 75 per cent to 85 per cent of the 800 responses from services and manufacturing firms each month. The final manufacturing PMI figure for May will be released on June 2; services and composite PMI figures will be released on June 4. 'May data showcased reduced pressure on the operating capacities of Indian private sector companies, as outstanding business volumes rose at the slowest pace since September 2024. Service providers noted the weakest increase in backlogs for eight months and goods producers signalled no change since April,' said the survey. Composite PMI Output Index Flash Final Jan 2024 61 61.2 Feb 61.5 60.6 March 61.3 61.8 April 62.2 61.5 May 61.7 60.5 June 60.9 60.9 July 61.4 60.7 Aug 60.5 60.7 Sep 59.3 58.3 October 58.6 59.1 November 59.5 58.6 December 60.7 59.2 January 2025 57.9 57.7 February 60.6 58.8 March 58.6 59.5 April 60 59.7 May 61.2 Source: HSBC
The Hindu
23-04-2025
- Business
- The Hindu
Flash India PMI expands to 60 in April on record-high export orders
The HSBC India Flash Purchasing Manager's Index (PMI) expanded to 60 points in April on increasing export orders, as against 59.5 in the previous month, S&P Global said in a statement. Services flash PMI increased to 59.1 from a final number of 58.5 from March 2025. Manufacturing flash PMI output index came in at 61.9 from a final value of 61.7 in the previous month, according to the statement. Services grew at a faster pace than manufacturing. Flash PMI is an early indicator of business sentiment in private sector, measured based on about 80% of the responses to the survey to determine the sentiments. A value above 50 means expansion. 'New export orders accelerated sharply, likely buoyed by the 90-day pause in the implementation of tariffs. As a result, output and employment grew, for both, manufacturers and service providers. Cost inflation was in line with March levels, but prices charged rose a tad faster, leading to improved margins,' Pranjul Bhandari, Chief India Economist at HSBC said in the statement. Companies reported increased output, positive demand and successful advertising, HSBC said, adding that some of them benefitted from the depreciation of the rupee as international orders increased. Competition and inflation could be headwinds to the higher expected output, according to the statement. HSBC forecast that India's GDP growth would be hit by 0.5 percentage points due to the tariffs. 'The indirect and second-order negative impact could also be meaningful, emanating from slower export volumes around the world, weaker global FDI flows, and the re-routing of exports hurting manufacturing,' Ms. Bhandhari said in her research note.
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Business Standard
23-04-2025
- Business
- Business Standard
Private sector business activity rises to 8-month high in April: PMI data
India's private sector output grew at its fastest pace in eight months in April amid a sharp rise in new business, particularly 'buoyant' international demand for goods and services, said a private survey on Wednesday. The HSBC flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 60.0, up from revised 59.5 in March. The index, which measures monthly change in the combined output of the two sectors, has been above the neutral 50 mark that separates growth from contraction for the 45th consecutive month. "Private sector companies in India welcomed a sharp rise in total new business intakes at the start of the 2025/26 fiscal year, which was boosted by buoyant international demand for goods and services. Collectively, new export orders increased at the fastest pace since the series started in September 2014 as survey participants noted gains from across the globe," said the survey. Manufacturing clocked a sharper upturn in new business orders than service. Manufacturing flash PMI, which is a composite measure of new orders, output, employment, supplier delivery times, and inventory, improved to 58.4 in April from 58.1 in March. 'Companies operating in India's private sector suggested that output levels had been raised in response to efficiency gains, positive demand trends and successful advertising. Some panellists also reported an improvement in international competitiveness as a result of the rupee's depreciation against the US dollar,' said the survey. "New export orders accelerated sharply, likely buoyed by the 90-day pause in the implementation of tariffs," said Pranjul Bhandari, chief India economist at HSBC, referring to US President Donald Trump's decision to defer by 90 days his decision to impose tariffs on dozens of countries. 'As a result, output and employment grew, for both, manufacturers and service providers. Cost inflation was in line with March levels, but prices charged rose a tad faster, leading to improved margins," she said. Amid 'intensification of capacity pressures', companies in both sectors continued to hire additional staff. 'Anecdotal evidence showed that full- and part-time staff had been recruited in April. Rates of job creation were equal at goods producers and service providers.' Flash PMI records 75 per cent to 85 per cent of the 800 responses from services and manufacturing firms each month. The final manufacturing PMI figure for April will be released on May 2; services and composite PMI figures will be released on May 6.
The Independent
29-01-2025
- Business
- The Independent
Fact check: Survey shows more firms cutting jobs than at any time since lockdown
A Conservative Party advert has claimed that 'jobs are being slashed at the fastest rate since the financial crash as a direct result of Rachel Reeves' tax raising budget'. Evaluation The advert cites a report from S&P Global, a well-respected industry survey, but that document says the proportion of companies that are reducing job numbers is the highest since the Covid-19 pandemic, not the 2009 financial crash. If the data from the pandemic is excluded, then the proportion of companies cutting job numbers is the highest since 2009, according to S&P Global. However, the PMI survey only measures employment in selected parts of the private sector, and does not include many businesses or those employed in the public sector. The facts The advert cites S&P Global PMI as the source of its claim. PMI stands for Purchasing Managers' Index, and is a monthly report which gauges the health of business sectors within the economy. The latest UK PMI report is a so-called 'Flash PMI' released on January 24 – essentially a preliminary version of the full monthly report. The report states that more companies it surveyed had reduced employee numbers in January than had increased their headcounts. It also said the job reduction trend began in the October 2024 PMI report, which included data that was collected between October 10 and October 29. This was before Chancellor Rachel Reeves delivered her first Budget on October 30, although much of what Ms Reeves announced had been revealed before her speech. In January's Flash PMI figures, both manufacturing and service businesses reported they were shedding jobs; however, this trend was more pronounced in the services industry. The report included feedback from companies, with many suggesting that measures announced in the Budget had 'resulted in cutbacks to recruitment plans' while others 'cited the impact of a post-Budget slump in business confidence'. Chris Williamson, chief business economist at S&P Global Market Intelligence, said: 'Barring the job-cutting seen during the pandemic, the rate of job losses signalled by the PMI over the past two months has been the highest since the global financial crisis in 2009.' The PMI data only measures employment in certain parts of the private sector and does not include the public sector, which employs around 18% of workers in the UK. Links
