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India has topped the global charts in both manufacturing and services activity, according to the Purchasing Managers' Index (PMI) data in report released by J.P. Morgan.
The report data highlighted that for April 2025, India's manufacturing PMI stood at 58.2, while its services PMI came in at 58.7. These are the highest figures among both developed and emerging markets. The PMI is an important indicator of economic health in the manufacturing and services sectors. A PMI above 50 shows expansion, while below 50 indicates contraction. India's strong numbers signal that the country's economy continues to grow at a steady pace. Compared to other large economies, India is doing significantly better. For example, China's manufacturing PMI, tracked by both Markit and the National Bureau of Statistics (NBS), stood at 50.4 and 49 respectively in April. While these readings showing moderate growth, they are still well below India's figures. In the services sector too, China lagged behind India. The China Markit services PMI was at 50.7, while the official NBS figure was 50.1. These are healthy numbers but again far below India's 58.7, indicating that India's services sector is growing at a much faster rate in April. Other major economies such as the U.S., Eurozone, UK, and Japan are showing mixed signals. The U.S. manufacturing PMI by ISM was 48.7 and services PMI was 51.6--just at or below the threshold, indicating sluggish growth or even contraction in services. The Euro area continues to struggle, with April's manufacturing PMI at 49 and services at 50.1. France and UK numbers are among the weakest, with its manufacturing PMI at 48.7 & 45.4 and services at just 47.3 & 49, both in contraction territory. In summary, the latest global PMI data shows that India is currently leading the world in both manufacturing and services growth. This reflects the country's strong domestic demand, business optimism, and overall economic momentum. (ANI)
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