Sales Managers Report Indian Economy's Continuing Growth in September

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: September 20, 2023

New September data from the long established Indian Sales Managers Survey reflects continuing healthy growth in most sectors of economic activity.

All the main Indexes continued to reflect the now well established picture of sustainable growth. Furthermore, expectations of overall growth in the fourth quarter of the year from the forward looking Business Confidence Index, continue to reflect a belief in continuing expansion.

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



In summary, India appears to be emerging, by some margin, as the fastest moving of the three big growth engines of the global economy. The Sales Managers Indexes suggest that neither China or the USA are likely to match Indian GDP growth in the remainder of 2023.

India's rapid economic growth has already lifted the economy into third place in the international GDP rankings, behind only China and the USA, once its large informal economy is taken into account. Further continued growth of a similar order will, probably within a decade, bring India's GDP to within striking distance of that of the USA.

There is evidence to suggest that official data does not take sufficient account of the problems faced by the very large unofficial informal economy. But employment is clearly growing at pace in the "official" non-informal giant Indian economy.

India (or Bharat as we may need to call the country soon) is clearly on the move again, with Covid problems receding rapidly in the rear view mirror.



Sales Managers Index Components



0 0 0 India|#0A66C2|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 , , , , , , , , , , , , , , , , , , , , , , , ,
Business Confidence

52.7
September 2023
The Business Confidence Index remained at a strong level in September - representing solid expectations of future business conditions. The Business Confidence Index measures the level of optimism/pessimism among sales managers for future conditions.
Find out more about SMI Diffusion Indexes
0 0 0 India|#0A66C2|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 , , , , , , , , , , , , , , , , , , , , , , , ,
Market Growth

52.1
September 2023
Market Growth continued to grow in September with the index level well above the growth level. The Market Growth Index monitors the underlying growth of the market segments into which the panel members sell.
Find out more about SMI Diffusion Indexes
0 0 0 India|#0A66C2|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 , , , , , , , , , , , , , , , , , , , , , , , ,
Sales Growth

51.2
September 2023
The Sales Growth Index value decreased slightly in September, down 0.3 index points. 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|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 , , , , , , , , , , , , , , , , , , , , , , , ,
Prices Charged

51.5
September 2023
The Prices Charged continued to grow in August, but at a slower pace. 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.
Find out more about SMI Diffusion Indexes
0 0 0 India|#0A66C2|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 , , , , , , , , , , , , , , , , , , , , , , , ,
Staffing Levels

52.4
September 2023
The Staffing Levels Index grew with an index level of 52.8 - 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.
Find out more about SMI Diffusion Indexes
0 0 0 India|#0A66C2|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 , , , , , , , , , , , , , , , , , , , , , , , ,
Profit Margins

47.0
September 2023
Profit Margins fell in September with an index value below the 50 level.
Find out more about SMI Diffusion Indexes




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: