<p>India’s business activity growth slowed to a nine-month low in September due to sluggish expansion in manufacturing as well as services sectors, an industry survey conducted by S&P Global showed on Monday.</p><p>The flash composite Purchasing Managers’ Index (PMI) declined to 59.3 in September, the level lowest in the calendar year 2024. In August it stood at 60.7.</p><p>“Softer expansions were seen across both the manufacturing and services sectors,” the rating agency said in its flash survey report indicating slowdown in the overall economic growth towards the end of the second quarter of the current financial year.</p><p>Flash India services PMI declined to 58.9 in September from 60.9 in the previous month, while flash manufacturing PMI declined to 56.7 in September from 57.5 in August. The PMI print above 50 indicates growth in the sector while below 50 shows contraction.</p>.Fi India, Propak India expo to be held at Bengaluru.<p>The index is based on responses from around 400 manufacturers and 400 service providers spread across the country.</p><p>“Growth in new orders moderated by a touch in September, but hiring levels rose at a faster pace, supported by improving business confidence,” said said Pranjul Bhandari, Chief India Economist at HSBC.</p><p>Employment in the service sector in September increased at the fastest pace since August 2022. However, in manufacturing the pace of job growth declined.</p><p>The pace of input cost inflation in the Indian private sector remained relatively muted in September, despite rising slightly from that seen in the previous month. Marginally faster increases were seen across both the manufacturing and services sectors. Where costs rose, the surveyed firms generally linked this to higher prices for raw materials and electricity. </p><p>Despite the softer expansions in both output and new orders in September, companies in India remained strongly optimistic that business activity will increase over the coming year. “Moreover, confidence strengthened from August and was above the average since the series began in 2012,” S&P Global noted in the monthly report.</p><p>Firms generally expect to be able to secure new business over the next 12 months, thereby supporting output growth. Sentiment improved in both monitored sectors, it added. </p>
<p>India’s business activity growth slowed to a nine-month low in September due to sluggish expansion in manufacturing as well as services sectors, an industry survey conducted by S&P Global showed on Monday.</p><p>The flash composite Purchasing Managers’ Index (PMI) declined to 59.3 in September, the level lowest in the calendar year 2024. In August it stood at 60.7.</p><p>“Softer expansions were seen across both the manufacturing and services sectors,” the rating agency said in its flash survey report indicating slowdown in the overall economic growth towards the end of the second quarter of the current financial year.</p><p>Flash India services PMI declined to 58.9 in September from 60.9 in the previous month, while flash manufacturing PMI declined to 56.7 in September from 57.5 in August. The PMI print above 50 indicates growth in the sector while below 50 shows contraction.</p>.Fi India, Propak India expo to be held at Bengaluru.<p>The index is based on responses from around 400 manufacturers and 400 service providers spread across the country.</p><p>“Growth in new orders moderated by a touch in September, but hiring levels rose at a faster pace, supported by improving business confidence,” said said Pranjul Bhandari, Chief India Economist at HSBC.</p><p>Employment in the service sector in September increased at the fastest pace since August 2022. However, in manufacturing the pace of job growth declined.</p><p>The pace of input cost inflation in the Indian private sector remained relatively muted in September, despite rising slightly from that seen in the previous month. Marginally faster increases were seen across both the manufacturing and services sectors. Where costs rose, the surveyed firms generally linked this to higher prices for raw materials and electricity. </p><p>Despite the softer expansions in both output and new orders in September, companies in India remained strongly optimistic that business activity will increase over the coming year. “Moreover, confidence strengthened from August and was above the average since the series began in 2012,” S&P Global noted in the monthly report.</p><p>Firms generally expect to be able to secure new business over the next 12 months, thereby supporting output growth. Sentiment improved in both monitored sectors, it added. </p>