Summary:

The Indian economy showed strong growth in July, with the services PMI rising to 61.1 from 60.5 and the manufacturing PMI increasing slightly to 58.5 from 58.3. This pushed the composite PMI to a three-month high of 61.4 from 60.9. These indices, which reflect corporate optimism, indicate expansion, with values above 50 signifying growth.

Ms. Pranjul Bhandari, HSBC's Chief India Economist, noted that production growth was driven by increased industrial activity and accelerated services. India, the fastest-growing major economy, grew by over 8% in the previous fiscal year. The central bank forecasts 7.2% growth for this year, while the government projects 6.5%-7% growth through March 2025. July saw a significant rise in new orders and manufacturing employment.

Source: IBEF

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.