The Indian Economy Maintains Strong Momentum in November

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: November 20, 2025

Indian Sales Managers reported a further solid month of economic expansion in November. Growth-oriented indexes remain firmly in expansionary territory, with most components either holding steady at elevated levels or reaching multi-month highs.

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

The forward-looking Business Confidence Index rose further in November to its highest level in 9 months. This sustained upward trend over the past year signals that sales managers across sectors expect the current strong pace of activity to persist well into 2026.

The Market Growth Index and Sales Growth Index both recorded healthy expansion for the month and now stand at around their strongest readings since the Covid pandemic began five years ago. These measures confirm that the robust demand and output growth observed throughout 2025 has carried through into the final quarter without meaningful slowdown.

Employment conditions, as reflected in the Staffing Levels Index, continue to edge higher and remain modestly above the neutral 50 mark. Hiring activity has shown gradual improvement over the past six months, supporting the broader picture of sustained economic strength.

The Prices Charged Index remains elevated but stable, consistent with the pattern seen in recent months. While price pressures are still present, they appear contained within the context of brisk demand and do not yet point to accelerating inflation.

Overall, the November survey reinforces the picture of an Indian economy operating at a strong and sustainable pace. With confidence at a 9-month peak and actual growth measures at multi-month highs, the outlook remains firmly positive heading into the new year.

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.