The Indian Economy Powers Ahead in October

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 22, 2025

Indian Sales Managers reported another month of significant economic growth in October. All growth-related indexes except employment are reflecting significant expansion across a wide variety of business sectors.

The forward-looking Business Confidence Index, reflecting the vital "animal spirits" factor in economic growth, indicates that continued significant expansion in economic activity is likely to continue throughout the fourth quarter of 2025, and on into the first quarter of 2026.

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

There is little doubt that Indian Sales Managers collectively are feeling confident that recent growth will continue well into the future.

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

The Market Growth Index likewise illustrates a steadily rising pattern of growth over the past year deriving from most business sectors, and complements the confidence shown by Sales Managers with real results from the recent past, as opposed to optimism about the future.

Overall, the Sales Indexes suggest a year of significant growth is on the cards for 2026. The only negative theme is presented by the Prices Index, still at a somewhat worrying height. However, it remains possible that the elevated nature of price increases reflects the rapid economic expansion clearly evident from these results, and may dampen when output catches up with sales, as seems likely at the moment.

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.