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Indias private sector activity accelerated in September, with the HSBC Flash India Composite PMI Output Index rising to 56.5 from 54.3 in August, marking the strongest expansion since June.
The September data indicated an improvement in business conditions across Indias private sector, with output growth accelerating in both manufacturing and services, led by goods producers. Indian private sector firms recorded a faster increase in total new business during September. Demand strengthened across both monitored sectors, though the more pronounced acceleration was seen at goods producers, the release said, adding sales growth remained above that recorded by services companies and hit a seven-month high. The HSBC Flash India Manufacturing PMI rose to 55.7 in September from 52.8 in August. On the other hand, the Manufacturing PMI Output Index climbed to 58.2 from 54.8, while the Services PMI Business Activity Index surged to 55.8 from 54.1, as per the data. Also, the latest print was consistent with a sharper expansion in private sector activity and one that was the most pronounced since June. Moreover, the respective index was back above its long-run average. The rate of input cost inflation across the private sector eased to its lowest mark since January, the release added. Companies reporting higher costs cited increased spending on electrical components, food items, fuel, metals, pharmaceutical ingredients and technology resources. New export orders across Indias private sector continued to increase in September, although growth slowed from August to its weakest level in nearly three years. The moderation was driven by slower growth in the services sector, while manufacturers recorded a marginally stronger rise in overseas orders, with firms reporting demand from Brazil, Europe, the UAE and the US. Both manufacturing and services recorded broadly similar rates of job creation. Outstanding business increased marginally after declining in the previous two months, although pressure on operating capacity remained mild across both sectors. The release also highlighted, Indias manufacturing conditions strengthened in September driven by faster growth in output and new orders, while finished goods inventories rose at their quickest pace in 11-and-a-half years. The HSBC Flash India PMI Composite* Output Index is a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors. (ANI)
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