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The Sales Managers Index: India

Released: April 18, 2017

Indian Economic Activity Roars Back in April to
Overtake Pre-Demonetisation Levels


  • Headline Sales Managers Index reaches highest ever level
  • Market Growth Indexes jumps back to overtake pre-demonetization level
  • Business Confidence still below previous highs but rising rapidly

The Indian Sales Managers Index (SMI) for April, shows that the Indian economy has largely recovered from the effects of December’s demonetisation policy. Overall economic activity, as indicated by the Headline’ Sales Managers Index (SMI), has surpassed November’s previous all-time survey high. The Market Growth Index has recovered rapidly and has now comfortably overtaken previous demonetization highs. The Staffing Levels and Business Confidence Indexes have also recovered to near previous highs in April. Perhaps the most disturbing element of the April survey is the rapid increase in Prices Charged Index. However, sales managers are reporting that this could be a short term phenomenon as businesses try to recover revenue lost through the January/February sales slump. Profit margins have recovered from the January/February dip and now look very healthy. The Indian Rupee continues to be much undervalued on the World Price Index (WPI) scale by 44%, using April data. Businesses are taking advantage of the situation created by such an undervalued currency, with the majority of panel members feeling that the current FX level remains advantageous.


Headline Sales Managers’ Index



Business Confidence Index

Market Growth Index




Profit Margins Index Index




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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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