Rapid Economic Growth in India Throughout the First Quarter of 2024

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, 2024

The March Survey of Indian Sales Managers reports yet another month of rapid economic growth. All growth related indexes are now reflecting strong expansion across a wide variety of business sectors.

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

The key Sales and Market Growth Indexes are now at 48 month highs. 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, is also at a 4 year high.

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

The only negative revealed by the survey is the uncomfortable persistence of price inflation, but this may partially be a result of price pressures caused by the very rapid expansion of economic activity.

Overall, the survey results are very good news for investors in India.

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.