All Indian Growth-Related Indexes Stay Positive in August

Data shows growth likely to continue at least into Q4.
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Updated: August 19, 2024

Indian Sales Managers reported another month of rapid economic growth in August. All growth related indexes are now reflecting strong expansion across a wide variety of business sectors.

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



The Business Confidence Index reflecting the vital "animal spirits" factor in economic growth indicates that continued significant expansion in economic activity is now expected to continue throughout the fourth quarter of the year.

And the Jobs Index, for so long reflecting business caution in recruiting after the difficult Covid period, remains well over the 50 "no growth" bar, adding to the impression that business confidence is increasingly positive.

Overall, the survey results are good news for India. And, as long as the business boom doesn't degenerate into a business bust, good news for investors.







Sales Managers Index Components



0 0 0 India|#0A66C2|49.4, 52.1, 49.7, 48.4, 49.7, 50.3, 52.5, 51, 50.3, 50.7, 50, 51.7, 52.5, 51, 51.1, 50.7, 51.4, 48.8, 51.4, 53.3, 52.7, 53.4, 54.3, 53.6, 53.2, 52.3, 53.5, 53.6, 53.9, 53.2, 54.3, 52.7, 53.4, 55.3, 54.5, 52.6, 56, 55.3, 54, 55, 54.5, 53.9, 53.2 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Business Confidence

53.2
August 2024
The Business Confidence Index continued to show strong growth in August but at a 7 month low. The Business Confidence Index measures the level of optimism/pessimism among sales managers for future conditions.
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0 0 0 India|#0A66C2|51.9, 50, 50, 49.3, 48.1, 47.3, 49.3, 50.3, 50.3, 51, 50.3, 50.3, 49.1, 50, 50.7, 50.4, 50.4, 47.8, 49.3, 50.7, 50, 50.3, 50.4, 50, 51.8, 51.3, 52.4, 52.6, 53.6, 52.8, 52.1, 52.1, 52.4, 52.6, 51.9, 51.3, 53.5, 53.9, 53.4, 53.9, 53.8, 53.9, 53.9 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Market Growth

53.9
August 2024
Market Growth grew at a solid pace in August. The Market Growth Index monitors the underlying growth of the market segments into which the panel members sell.
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0 0 0 India|#0A66C2|50.6, 50.7, 50.3, 49.7, 49.4, 48.5, 48.6, 49.7, 51.6, 52.7, 50.6, 49.7, 50, 50.7, 51.8, 51.4, 50, 47.4, 50.3, 52, 51.7, 51.7, 50.7, 48.7, 50, 51, 52.8, 53, 53.3, 52.8, 52.5, 51.2, 52.1, 53, 50.6, 50.3, 53.2, 54.2, 54.4, 54.6, 54.1, 54.2, 54.8 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Sales Growth

54.8
August 2024
The Sales Growth Index value increased slightly in August. The Sales Growth Index defines the speed and direction of overall sales of goods and services (current month from previous month).
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0 0 0 India|#0A66C2|50.3, 53.1, 52.7, 53.9, 54.8, 51.2, 53.2, 53.8, 55.7, 56.8, 55.2, 57.1, 54.3, 56.1, 55, 55.3, 57.4, 54.5, 56.1, 54.3, 54, 51.4, 51.8, 53, 53.2, 54, 55.2, 52.9, 51.6, 50.4, 52.8, 51.5, 54.1, 50.7, 53.5, 53.6, 53.5, 53.9, 53.4, 53.2, 54.1, 52, 52.9 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Prices Charged

52.9
August 2024
Price level growth increased at a faster pace in August. The Prices Charged Index measures the speed and direction of changes in the current price of goods and services taking into account any discounts offered.
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0 0 0 India|#0A66C2|44.9, 47.9, 42.6, 43.1, 40.1, 40.5, 42.6, 45.9, 48.1, 47.3, 48.7, 49, 48.1, 45.3, 45.4, 46.8, 41.8, 39.7, 45.6, 45, 49, 48.3, 48.6, 46.1, 47.2, 49, 49, 50.3, 53.3, 51.1, 52.5, 52.4, 53.1, 53, 52.3, 50.7, 53.2, 52.8, 53, 53.6, 53.1, 52.6, 52.9 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Staffing Levels

52.9
August 2024
The Staffing Levels Index remained solidly above the 50 'no growth' line. The Staffing Levels Index monitors the level of growth or decline in employment against the same period a year earlier.
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0 0 0 India|#0A66C2|35, 40.7, 42.2, 40.5, 37.6, 37.8, 42.6, 41.4, 44, 45.9, 44.2, 45.9, 41.3, 42.2, 41.5, 44.7, 39.4, 37.4, 40.1, 44.4, 43.3, 43.9, 45.4, 43.8, 43.6, 45, 49, 50, 50.3, 50, 50.7, 47, 45.2, 50.3, 49.4, 48, 51.4, 51.4, 49, 46.4, 47.9, 49.3, 48.1 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Profit Margins

48.1
August 2024
Profit Margins continued to fall in August with an index value below the 50 level.
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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.






About the Data

SMI data for India is published as diffusion indexes to gauge the speed and direction of economic activity.

Monthly data since 2014 is downloadable for all-sectors in a consistent unadjusted format for 7 key indexes: