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The Sales Managers' Index: India

Released: March 24, 2015

India’s business confidence very high on positive investment climate

  • SMI signals sustained improvement in business conditions
  • Softer rates of sales and market growth offset by further improvement in employment
  • Inflationary pressures remain modest despite weaker rupee

The Headline Sales Managers’ Index (SMI) for India registered 68.2 in March, unchanged from February’s reading, thus signalling a sustained improvement in overall business conditions across the economy. Weighting on the headline index were softer readings in business confidence, market growth, and product sales. Only stronger prices charged and staffing levels acted to offset the SMI in the latest survey period. That said, the current reading continued to be well above the long-run series average of 60.8.

Indian sales managers remained exceptionally optimistic during March. The Business Confidence Index, which measures how sales managers expect the economy to perform over the next few months, stood at 90.9, down from 91.2 in February. Panel members attributed these very high levels of optimism to improved market conditions, low inflation rates, and positive investment climate. Nevertheless, the degree of optimism eased for the fourth successive month, and was the lowest level since June 2014.

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