India: Business activity rises at record levels again in December
The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 58.5 in December, up from November’s 57.4 and remaining among the highest levels on record. 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.
Looking at a breakdown by sector, the Manufacturing PMI clocked in at 54.9 in December, down from November’s 56.0. Lastly, the Services PMI increased to 59.0 in December (November: 56.9).
In the manufacturing sector, output and new orders grew rapidly, but not as much as in the prior month, and employment was largely stable. Meanwhile, output inflation outpaced input inflation, which was largely unchanged from the prior month, and business sentiment improved.
In the services sector, output and new orders grew at the fastest pace in three months, and employment also expanded at a speedier pace. Meanwhile, input inflation fell, output inflation accelerated, and business sentiment strengthened.