Services sector powering economy as mfg pace eases
Flash PMI hits a robust 59.9 with cooling inflation, though softer new orders suggest the recent GST-led boost might be tapering off
image for illustrative purpose
New Delhi: The HSBC Flash India Composite Output Index stood at 59.9 in November as survey participants remained upbeat towards the year-ahead outlook for output, according to data released by S&P Global on Friday. The HSBC Flash PMI for November pointed to a further substantial expansion in private sector output across the country.
Pranjul Bhandari, Chief India Economist at HSBC, said that “the HSBC flash manufacturing PMI eased, though the improvement in operating conditions remained healthy. The rise in new export orders matched that seen in October. However, overall new orders came in soft, indicating that the GST-led boost may have peaked. Cost pressures eased considerably, and so did prices charged.”
Registering 59.9 in November, the HSBC Flash India Composite Output Index, a seasonally adjusted index that measures the month-on-month change in the combined output of India’s manufacturing and service sectors – remained comfortably above both the neutral mark of 50.0 and its long-run average of 54.9, thereby signalling a strong rate of expansion.
