Indian Economic Growth Rides High in February

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: February 19, 2024

The Indian economy continues to grow rapidly. The Business Confidence Index shows "animal spirits", the essential ingredient in economic growth, to be burgeoning, and almost at a 4 year high. The likelihood of fast GDP growth over the first half of 2024 is now high.

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



The Market and Sales Growth Indexes, both indicate robust growth across a wide spectrum of sectors.

The Jobs Index suggests that the caution evident for many months in relation to recruitment activity has now evaporated, and businesses across a broad industry base are once again investing in people.

The all inclusive Sales Managers Index is consequently also reflecting strong growth, and is at a 47 month high.

Very good news for Indian business and investors in India.







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 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Business Confidence

56.0
February 2024
The Business Confidence Index grew futher in February. 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 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Market Growth

53.5
February 2024
Market Growth continued hit an eight month high in February. 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 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Sales Growth

53.2
February 2024
The Sales Growth Index value grew futher in February. The Sales Growth Index defines the speed and direction of overall sales of goods and services (current month from previous month).
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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 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Prices Charged

53.5
February 2024
Price levels eased slightly in February. 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 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Staffing Levels

53.2
February 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 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Profit Margins

51.4
February 2024
Profit Margins grew in February with an index value solidly above 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: