First March Survey Results for the Indian Economy

Economic activity continues to expand rapidly

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: March 20, 2025

Indian Sales Managers reported yet another month of rapid economic expansion in March.

The month saw all Indexes well over the 50 "no change" level, reflecting expansion across a wide variety of business sectors, that will doubtless be envied in many other countries.

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

The Indian Sales Managers Indexes are currently reflecting what economists sometimes refer to as a "Goldilocks" scenario, with economic growth continuing at an optimum level, not too slowly to reduce the benefits of growth, and not too fast to require action to prevent an out of control boom developing. Plus a relatively low rate of price inflation, and modest growth in the jobs index, again both near ideal circumstances.

The Business Confidence Index, reflecting the vital "animal spirits" factor in economic growth, asks respondents how confident they are that growth will continue into the future. Current answers reflect a high level of confidence and indicate that significant expansion in economic activity is likely to continue throughout the first half of 2025, and in all probability beyond...

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.