India PMI January 2024

India: Business activity rises to record highs in January

The HSBC Purchasing Managers’ Index (PMI) rose to 61.2 in January from December’s 58.5. As a result, the index moved further above the 50.0 no-change threshold, to one of the highest levels on record, signaling a faster improvement in private-sector operating conditions compared to the previous month.

The Manufacturing PMI stood at 56.5 in January, up from December’s 54.9. Lastly, the Services PMI rose to 61.8 in January (December: 59.0). Output grew more sharply in both sectors than in the prior month, supported by a quicker rise in new orders. Meanwhile, employment rose in the services sector but stagnated in the manufacturing sector.

Looking at prices, input prices rose more speedily in the services sector, and at a broadly stable pace in the manufacturing sector; in contrast, while in the manufacturing sector, output prices rose more speedily, in the services sector, output prices rose at a softer pace. Finally, business sentiment rose in both sectors.

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