India Pmi Composite

The HSBC India Composite PMI edged up to 58.6 in October 2024, from 58.3 in the previous month and remained well above its long-run average of 54.7. This reflects the continued robust growth of India's private sector, driven by expansions in both factory production (57.4 vs 56.5 in September) and services activity (57.9 vs 57.7). Total new orders expanded at a faster pace, driven by an improvement in international demand for Indian goods and services. In addition, employment growth was sharp and the quickest in 18-and-a-half years, with hiring activity more pronounced in the services sector. On the price front, input cost inflation rose to its highest level in three months, amid slight upticks in prices observed among both goods producers and service providers. Looking ahead, the level of optimism decreased but remained above its long-run average.