Released: 23 March 2019
Indian Economy Records Growth in Mid-March Survey, but Coronavirus Problems Still to Surface
The March Indian Sales Managers Survey took place against a background of continuing growth in economic activity, and few effective restrictions placed on movement due to the Coronavirus problems now affecting so many countries.
Whether this is because of India’s health systems failing to measure the problem, or due to its relative lack of connectedness to China, or for some other reason, the fact remains the survey was conducted in mid-March during a period of very few reported cases of the virus. Serious action to prevent the virus spreading in India only started in the third week of March in what is likely to become to be seen as “the calm before the storm".
Sales Managers responses in March continued to be generally positive in relation to growth, but seen in the perspective of the last 5 years, very much in line with the general deceleration of economic activity seen since the Government imposed its draconian changes to the cash system, and introduced the government sales tax.
The overall headline Sales Managers Index rose slightly above the levels seen in February, but stayed firmly in "survey all-time lows" territory.
With Price Inflation worryingly high, a far from universal health service to look after a huge and poor population, and a Coronavirus storm likely to break very soon, the likelihood is that economic activity in India will fall rapidly in the near future.
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