First April Survey Results for the Indian Economy

Rapid deceleration in economic activity

The First Data on Economic Activity Levels in India - Every Month
The only survey with current month, month-on-month, monthly year-on-year, and forward looking questions
Updated: April 21, 2025

Indian Sales Managers reported another month of economic expansion in April, but also a significant fall in Business Confidence to a 15 month low, a big fall in the Sales Growth index, also to a 15 month low, and a serious fall in the Staffing Index to a two year low. Overall the composite Sales Managers Index slowed to a 15 month low, probably linked to uncertainty caused by the US imposition of potentially highly damaging tariffs.

Source: World Economics
Note: Data Shown as a Diffusion Index. (50 = 'No Change', above 50 = Increasing growth, below 50 = Declining growth)

The good news is that all growth related indexes remained over the 50 "no growth " line. The bad news is that all Indexes bar one fell sharply compared with levels established in March. The exception was the Price Inflation Index which produced a further slug of bad news by rising to a high level not seen for two years.

Sales Managers Index Components

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About the Sales Managers Indexes

The Sales Managers' Indexes provide the earliest monthly data on the speed and direction of economic activity in key growth areas of the world.

The SMI’s (Sales Managers’ Indexes) are compiled and analysed by World Economics and are based on survey data collected from a panel of companies stratifying all Industry Classification Board (ICB) sectors which are weighted to reflect their contribution to national Gross Domestic Product.

Key advantages of the SMI's:

• The SMI's provide the first indication each month of the speed and direction of economic growth.
• The SMI's provide the most complete indication of growth, covering all private sector activity.
• The SMI's are based on a key occupational group - sales executives - uniquely able to sense accurate changes in business activity levels.
• The SMI survey base - salespeople - are used by virtually all businesses, including in frontier markets, unlike other occupational groups.
• The SMI's focus on the key countries contributing to over 60% of global growth in recent years.