Indian Economic Growth Continues to Power Ahead

All growth-related Indexes remain positive: the outlook for GDP in the second half of 2024 remains bullish.

The First Data on Economic Activity Levels in India - Every Month
The only survey with current month, month-on-month, monthly year-on-year, and forward looking questions
Updated: July 22, 2024

Indian Sales Managers report another month of rapid economic growth in July. All growth related indexes are now reflecting strong expansion across a wide variety of business sectors.

The Business Confidence Index reflecting the vital "animal spirits" factor in economic growth indicates that continued rapid expansion in economic activity is expected over the third quarter and probably fourth quarters of 2024.

And the Jobs Index, for so long reflecting business caution in recruiting after the difficult Covid period, remains well over the 50 "no growth" bar, adding to the impression that business confidence is increasingly positive.

Source: World Economics
Note: Data Shown as a Diffusion Index. (50 = 'No Change', above 50 = Increasing growth, below 50 = Declining growth)

Even the Prices Index, for so long illustrating the persistence of price inflation following the long Covid period, is currently at an at an 8 month low, suggesting price inflation may be finally on the retreat to more normal territory.

Overall, the survey results are good news for India. And, as long as the business boom doesn't degenerate into a business bust, good news for investors.

Sales Managers Index Components

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About the Sales Managers Indexes

The Sales Managers' Indexes provide the earliest monthly data on the speed and direction of economic activity in key growth areas of the world.

The SMI’s (Sales Managers’ Indexes) are compiled and analysed by World Economics and are based on survey data collected from a panel of companies stratifying all Industry Classification Board (ICB) sectors which are weighted to reflect their contribution to national Gross Domestic Product.

Key advantages of the SMI's:

• The SMI's provide the first indication each month of the speed and direction of economic growth.
• The SMI's provide the most complete indication of growth, covering all private sector activity.
• The SMI's are based on a key occupational group - sales executives - uniquely able to sense accurate changes in business activity levels.
• The SMI survey base - salespeople - are used by virtually all businesses, including in frontier markets, unlike other occupational groups.
• The SMI's focus on the key countries contributing to over 60% of global growth in recent years.