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The Sales Managers Index: India

Released: January 17, 2017

Indian Growth Rebounds in January After Cash Ban

  • Sales growth significantly up on December
  • Recruitment continues to grow rapidly
  • Price inflation surges to 2 year high but the Rupee remains the worlds most undervalued major currency

The Indian Sales Managers Index (SMI) for January shows the effects on growth of the recent policy changes to crack down on corruption and “black money” may be slight, but prices rise significantly. Business confidence continued to ease again in January but remains very high, indicating that the shock is likely to be relatively short term, which in turn supports the strong sales index figures. The Prices Charged Index has shown a modest uptick in January as inflation returns to the price of goods and services but the Indian Rupee continues to be massively undervalued (see chart below) on the World Price Index (WPI) scale. Overall, the Indian economy remains in very good shape. The negative effects of Prime Minister Mondi’s cash ban appear to be short lived with higher longer term growth backed by widespread business confidence.


Headline Sales Managers' Index



Staffing Levels Index
Sales Growth Index



Prices Charged Index





                                                         Headline Sales Managers' Index





About India SMI Data



The Sales Managers Index provide the earliest monthly data on the speed and direction of Indian economic activity.

Key advantages of the India SMI:
  • The SMI provides the first indication each month of the speed and direction of economic growth in India.
  • The SMI provides the most complete indication of growth, covering all private sector activity.
  • The SMI is based on a key occupational group - uniquely able to sense changes in business activity levels.
  • The SMI is composite index of business confidence, market growth, sales, prices charged and staffing levels.
  • The SMI is a diffusion index, any index value above 50 indicates growth and below 50 indicates contraction.

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