Latest news with #IndiaCompositePMIOutputIndex
Time of India
3 days ago
- Business
- Time of India
Services activity at three-month high in May
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: India's services activity rose to a three-month high of 58.8 in May, slightly above 58.7 in April, driven by strong demand, new client acquisition and increased staffing capacity, according to a private survey released on Wednesday. The HSBC India Services Business Activity Index was at 60.2 in May Purchasing Managers' Index reading in May was broadly in line with the steady readings from recent months, said Pranjul Bhandari, India chief economist at orders or sales rose at a sharp pace in May due to advertising, healthy demand and repeat orders from existing clients, according to the survey orders also picked up, recording the fastest increase in 19.5 years. The major drivers of this growth were Asia, Europe and North America."Strong international demand continued to fuel services activity, as evidenced by the new export business index's uptick from April," said demand led to an increase in employment. "To keep up with swelling demand, India's service providers heavily increased staff recruitment," noted rate of job creation was the highest in the history of the survey."Almost 16% of panel members reported higher payroll numbers, while 1% indicated a fall," the survey said. On the cost front, companies noted an increase in inflation, which was the highest since the start of the calendar year. Services charges also picked up. "Price pressures continued to intensify with input prices and charged prices both rising last month," said sentiment among service firms improved from April's 23-month low. Survey respondents cited greater staffing capacity, expanded clientele and marketing initiatives as drivers of growth in the year overall private sector activity in India eased marginally in May, with the HSBC India Composite PMI Output Index at 59.3, down from 59.7 in April.
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
India.com
13-05-2025
- Business
- India.com
China...US...France remain behind India as New Delhi races ahead in....
PM Modi- File image In a great update for India amid the decline in India-Pakistan tensions, India has reached the top of the global charts in both manufacturing and service activities. When the tensions between India and Pakistan were on a rise and the global economy was expected to slow down as a result of tariff war started by US President Donald Trump, the data of Purchasing Managers Index (PMI) released by JP Morgan has indicated a massive positive for India. Here are all the details you need to know. India ahead of China and Pakistan India's services sector continued to grow in April, with the Services Purchasing Managers' Index (PMI) rising slightly to 58.7 from 58.5 in March, an HSBC report said on Tuesday. For those unversed, a PMI reading above 50 indicates expansion, while anything below signals contraction. The increase points to steady improvement in the services sector, supported by a sharp rise in new business orders, according to HSBC India Composite PMI Output Index. For a point of comparison, China's manufacturing PMI tracked by the National Bureau of Statistics (NBS) was at 49 in April and according to ISM the US Manufacturing PMI was only 48.7 in April 2025, while the Service PMI. On the other hand, France only has a manufacturing PMI at 48.7. Strong market demand Many companies reported strong market demand and successful marketing strategies, while others said they were able to handle more work due to better efficiency. The finance and insurance sector led the growth, showing the highest gains in both output and new orders. Export demand also picked up significantly. After a temporary slowdown in March, new export orders rose at their fastest pace since July 2024, driven by increased interest from markets in Asia, Europe, West Asia, and the United States. This contributed to improved margins for service providers, as easing cost pressures allowed companies to raise prices at a quicker pace. Manufacturing also showed improvement, with the HSBC India Manufacturing PMI inching up to 58.2 from 58.1 in March, hitting a 10-month high. This follows a 14-month low in February. The rebound in April was fuelled by higher production, more hiring, and increased purchasing of inputs. (With inputs from agencies)
