S&P Global: India’s private sector growth slows in Sep.’24

India’s private sector expanded in September, but growth in output and new orders slowed compared to earlier in 2024, as per the latest S&P Global PMI data on Monday. Employment levels stayed strong, and business confidence increased.

The HSBC Flash India Composite Output Index declined slightly to 59.3 in September from 60.7 in August. While still indicating a robust expansion, this was the slowest growth rate seen so far this year.

The HSBC Flash India Manufacturing PMI also showed a slowdown, falling to 56.7 in September from 57.5 in August. Although the manufacturing sector continued to strengthen, the rate of improvement was the softest since January.

“The flash composite PMI in India rose at a slightly slower pace in September, marking the slowest growth observed in 2024,” according to Pranjul Bhandari, Chief India Economist at HSBC.

Attribution: S&P Global PMI report

Subediting: M. S. Salama