PMI services growth hits ten-month low in September: Survey
India's dominant services sector growth remained robust but slackened to a 10-month low in September as demand slowed, an HSBC survey said on Friday.
India's dominant services sector growth remained robust but slackened to a 10-month low in September as demand slowed, an HSBC survey said on Friday.
The growth recorded in the Indian manufacturing sector slowed to an eight-month low in September.
India’s business growth in September 2024 has slowed to a nine-month low, signalling potential challenges for the economy as demand cools and input costs rise.
India’s services sector, which has assumed a key role in its economy, continues to demonstrate remarkable resilience, with growth accelerating to a five-month high in August.
India’s manufacturing sector, a key pillar of the nation’s economic growth, is showing signs of a slowdown, raising concerns about the trajectory of the broader economy.
Despite encouraging Indian PMI data, the market struggled to rally. This downturn was due to apprehensions about the impending rate decisions from the ECB, which is expected to maintain current rates.
The HSBC India Services PMI survey conducted by S&P Global showed that in a striking turnaround from the slowdown observed in November
India’s manufacturing Purchasing Managers’ Index (PMI) recorded an 18-month low at 54.9 in December as against 56.0 in November, HSBC Purchasing Managers' Index (PMI) compiled by S&P Global said.
According to panel members, business activity and new orders decreased in four out of the five broad areas of the service economy, with the fastest rates of contraction registered in Consumer Services.
PMI was 57.5 per cent in February and now the situation is set to turn more challenging in April.
