Released: 20 March 2018

India’s Economy Continues to Grow Rapidly

  • Business confidence accelerates further
  • Sales and Market Growth Indexes reflect rapid growth
  • Rate of price inflation eases

The Indian economy continued to grow rapidly in March with a Headline Sales Managers’ Index (SMI) of 68.3, and 67.6 for quarter 1 2018. The Indian economy has continued to exhibit a growing trend from the low in summer 2017 and SMI suggests the economy is set to grow faster in Q1 2018 than the official growth rate of 7.2% reported by MOSPI for the previous quarter. Business Confidence has increased further in March and remains at very high levels. Panel members are becoming increasingly confident that future sales activity will grow further. The Sales Growth Index continues to reflect very strong economic growth as managers are reporting their monthly sales volumes have are clawing backed the lost ground of the past year. The Staffing Levels Index reflects a very buoyant economy with new jobs being generated in quantity every month.


Sales Managers' Index (SMI)

The Headline Sales Managers' Index (SMI) - a composite indicator designed to provide the most up-to-date assessment of business activity.

Business Confidence Index

The Business Confidence Index measures the level of optimism/pessimism amongst sales for future conditions.

Market Growth Index

The Market Growth Index monitors the underlying growth of the market segments into which the panel members sell.

Sales Growth Index

The Sales Growth Index defines the speed and direction of overall sales of goods and services made by business during the month.

Prices Charged Index

The Prices Charged Index measures the speed and direction of changes in the current price of goods and services taking into account any discounts offered.

Staffing Levels Index

The Staffing Levels Index monitors the level of growth or decline in employment against the same period a year earlier.

About India SMI Data

The Sales Managers Index provide the earliest monthly data on the speed and direction of economic activity in India.

Key advantages of the Indian SMI:

  • The SMI provides the first indication each month of the speed and direction of economic growth in India.
  • The SMI provides the most complete indication of growth, covering all private sector activity.
  • The SMI is based on a key occupational group - uniquely able to sense changes in business activity levels.
  • The SMI is composite index of business confidence, market growth, sales, prices charged and staffing levels.
  • The SMI is a diffusion index, any index value above 50 indicates growth and below 50 indicates contraction.


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