Thought for the day

India Sales Managers Index Rises To 31 Month High


 
Last updated: 3 July 2024
 
Although still far behind the growth figures registered in the heady pre-Covid days, economic activity in India does at last seem to be recovering from the disaster of the global pandemic.

The overall Sales Managers Index, is at a 31 month high in October, albeit at a figure suggesting very modest growth in economic activity.

The Business Confidence Index (highlighting confidence in the near future) registered a very positive 52.7.

India Business Confidence Index: October
Diffusion Index. (50 = 'No Growth')
India Sales Managers Index Rises To 31 Month High

All Indexes bar Staffing remained at 50+ levels, signifying modest growth, and even the Staffing Levels Index, which has remained stubbornly under water, rose sharply to an Index reading of 49, a 9 month high.

Overall therefore, it appears as India is slowly rising from the covid induced mire into which it plunged in 2020, to once more register economic growth.

Looking at the charts prior to covid exhibiting brimming self-confidence and sales growth racing ahead, it appears likely that the GDP data currently emerging from the Government reflects recovery from the Covid lows of activity, rather than high non-Covid related growth above the levels recorded pre-Covid.

But it looks suspiciously like the green shoots of GDP recovery are present in the October Sales Survey data. See more data...



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