Indian April Sales Managers Survey Reports Continuing Rapid Economic Growth

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: April 22, 2024

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

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



The key Sales Growth Index is now at a 48 month high. The Business Confidence Index showing the vital "animal spirits" factor in economic growth is burgeoning. The overall Sales Managers Index, reflecting the performance of the economy on the basis of all sub indexes, stays at a level indicating widespread business growth.

And the Jobs Index, for so long reflecting business caution in recruiting after the difficult Covid period, suggests that the fear of hiring has now evaporated, and businesses across a broad swathe of sectors are once again investing in people.

The only negative revealed by the survey is the persistence of price inflation, but this Index is at a comforting 5 month low, and in any event probably now partially reflects price pressures caused by the rapid expansion of economic activity.

Overall, the survey results are very good news for Mr Modi, with his forthcoming election.

And as long as the business boom doesn't degenerate into a election led business bust, good news for investors.







Sales Managers Index Components



0 0 0 India|#0A66C2|49.4, 52.1, 49.7, 48.4, 49.7, 50.3, 52.5, 51, 50.3, 50.7, 50, 51.7, 52.5, 51, 51.1, 50.7, 51.4, 48.8, 51.4, 53.3, 52.7, 53.4, 54.3, 53.6, 53.2, 52.3, 53.5, 53.6, 53.9, 53.2, 54.3, 52.7, 53.4, 55.3, 54.5, 52.6, 56, 55.3, 54, 55 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Business Confidence

54.0
April 2024
The Business Confidence Index continued to show strong growth in April. The Business Confidence Index measures the level of optimism/pessimism among sales managers for future conditions.
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0 0 0 India|#0A66C2|51.9, 50, 50, 49.3, 48.1, 47.3, 49.3, 50.3, 50.3, 51, 50.3, 50.3, 49.1, 50, 50.7, 50.4, 50.4, 47.8, 49.3, 50.7, 50, 50.3, 50.4, 50, 51.8, 51.3, 52.4, 52.6, 53.6, 52.8, 52.1, 52.1, 52.4, 52.6, 51.9, 51.3, 53.5, 53.9, 53.4, 53.9 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Market Growth

53.4
April 2024
Market Growth at a solid pace in April. The Market Growth Index monitors the underlying growth of the market segments into which the panel members sell.
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0 0 0 India|#0A66C2|50.6, 50.7, 50.3, 49.7, 49.4, 48.5, 48.6, 49.7, 51.6, 52.7, 50.6, 49.7, 50, 50.7, 51.8, 51.4, 50, 47.4, 50.3, 52, 51.7, 51.7, 50.7, 48.7, 50, 51, 52.8, 53, 53.3, 52.8, 52.5, 51.2, 52.1, 53, 50.6, 50.3, 53.2, 54.2, 54.4, 54.6 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Sales Growth

54.4
April 2024
The Sales Growth Index value grew futher in April. The Sales Growth Index defines the speed and direction of overall sales of goods and services (current month from previous month).
Find out more about SMI Diffusion Indexes
0 0 0 India|#0A66C2|50.3, 53.1, 52.7, 53.9, 54.8, 51.2, 53.2, 53.8, 55.7, 56.8, 55.2, 57.1, 54.3, 56.1, 55, 55.3, 57.4, 54.5, 56.1, 54.3, 54, 51.4, 51.8, 53, 53.2, 54, 55.2, 52.9, 51.6, 50.4, 52.8, 51.5, 54.1, 50.7, 53.5, 53.6, 53.5, 53.9, 53.4, 53.2 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Prices Charged

53.4
April 2024
Price levels eased slightly in April. 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.
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0 0 0 India|#0A66C2|44.9, 47.9, 42.6, 43.1, 40.1, 40.5, 42.6, 45.9, 48.1, 47.3, 48.7, 49, 48.1, 45.3, 45.4, 46.8, 41.8, 39.7, 45.6, 45, 49, 48.3, 48.6, 46.1, 47.2, 49, 49, 50.3, 53.3, 51.1, 52.5, 52.4, 53.1, 53, 52.3, 50.7, 53.2, 52.8, 53, 53.6 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Staffing Levels

53.0
April 2024
The Staffing Levels Index remained solidly above the 50 'no growth' line. The Staffing Levels Index monitors the level of growth or decline in employment against the same period a year earlier.
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0 0 0 India|#0A66C2|35, 40.7, 42.2, 40.5, 37.6, 37.8, 42.6, 41.4, 44, 45.9, 44.2, 45.9, 41.3, 42.2, 41.5, 44.7, 39.4, 37.4, 40.1, 44.4, 43.3, 43.9, 45.4, 43.8, 43.6, 45, 49, 50, 50.3, 50, 50.7, 47, 45.2, 50.3, 49.4, 48, 51.4, 51.4, 49, 46.4 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Profit Margins

49.0
April 2024
Profit Margins fell in April with an index value below the 50 level.
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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.






About the Data

SMI data for India is published as diffusion indexes to gauge the speed and direction of economic activity.

Monthly data since 2014 is downloadable for all-sectors in a consistent unadjusted format for 7 key indexes: