India's Business Activity Picks Up Pace in June

MT Newswires Live06-21

India's business activity gained momentum in June as the seasonally adjusted headline HSBC Flash India Composite Output Index, measuring the combined output of manufacturing and service sectors, increased to 60.9 from 60.5 in May, according to data released on Friday.

The HSBC Flash India PMI data, compiled by S&P Global, revealed a rise in the aggregate employment levels along with strong growth in total new orders intakes and international sales.

Factory output, measured by the HSBC Flash India Manufacturing PMI, rose from 57.5 in May to 58.5 in June. Meanwhile, the HSBC Flash India Services PMI Business Activity Index inched up to 60.4 in June from a level of 60.2 recorded in May.

"New orders gained growth momentum for both sectors, with a faster upturn among manufacturers. Meanwhile, new

export orders slowed slightly in June, although the rate of expansion was the second fastest since the beginning

of the series," said Maitreyi Das, Global Economist at HSBC.

While business activity is expanding, input costs remain elevated due to rising labor and material costs. However, the rate of inflation showed a slight moderation in June.

"Overall, optimism about future output weakened in June, but remained above the historical average," said Das.

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