India PMI September 2023

India: Business activity continues to rise at one of speediest rates in over a decade in September

The S&P Global Composite Purchasing Managers’ Index (PMI) rose to 61.0 in September from August’s 60.9. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.

The Manufacturing PMI stood at 57.5 in September, down from August’s 58.6 but above the long-term average of 53.9. Lastly, the Services PMI rose to 61.0 in September (August: 60.1), remaining among the strongest readings seen in over a decade.

In the manufacturing sector, output and new orders expanded less than in the prior month, while employment grew at a faster rate. Meanwhile, input inflation fell while output inflation rose in the sector. Finally, business optimism rose to its highest level so far this year.

In the services sector, activity and new business continued to grow at one of the fastest rates in around 13 years. Meanwhile, employment continued to rise, and input and output inflation fell. Finally, business optimism rose to its highest level in over nine years.

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