Summary:

In May, India’s private sector production expanded at its fastest rate in 13 months, driven by a significant rise in services that boosted employment. S&P Global’s HSBC flash India Composite Purchasing Managers’ Index (PMI) rose to 61.2 from 59.7 in April, according to revised data. The PMI, which measures manufacturing and services output, has remained above 50 for 46 consecutive months, indicating expansion. Service providers reported their fastest output increase in 14 months, citing strong demand, technology investment, and capacity growth. HSBC’s chief India economist, Pranjul Bhandari, highlighted robust industrial growth and new orders despite a slight slowdown since April. Employment gains, especially in services, suggest healthy job creation alongside sector expansion. Final PMI figures will be released in early June.

Source: IBEF

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