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The Sales Managers' Index: India

Released: July 23, 2015

Indian SMI signals continuing rapid economic growth in July

  • Business expectations among Indian companies remain exceptionally high
  • Price inflation continues to fall
  • Staffing levels still growing fast

The Headline Sales Managers’ Index (SMI) for India a composite indicator,designed to provide the most up-to-date monthly assessment of economic activity in the country – posted 65.7 in July, down from 66.4 in June, signalling continuing buoyant business conditions. Prices charged continued to fall while employment growth remained strong. Meanwhile, market growth strengthened.

Sector analysis shows that the July Manufacturing SMI registered 63.5 and the Services SMI registered 66.7. These index values show continuing rapid acceleration in economic growth across both sectors of the economy. However, a declining trend in manufacturing growth has become apparent, with the headline index registering the fifth consecutive month of decline and the slowest pace of growth since April 2014. A reading above 50 indicates that economic activity is generally expanding; while an index below 50 indicates that it is generally contracting.

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