Back to Homepage

Indian Economy Still Becalmed by Covid

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: April 21, 2022

India SMI: Headline Sales Managers Index


Source: World Economics
Note: Data Shown as a Diffusion Index. (50 = 'No Change', above 50 = Increasing growth, below 50 = Declining growth)
0 0 0 United States Staffing Levels Index|#0A66C2|71.9, 72.1, 72.7, 71.3, 73.5, 72.3, 72.7, 69.1, 70.5, 70, 72, 72.9, 74.1, 75.4, 75.3, 72.8, 72.1, 72.4, 74.1, 73.4, 74.9, 76.1, 74.9, 76.5, 79, 79.3, 73.2, 72.9, 60.6, 64.1, 76, 72.6, 69.2, 58.7, 58.5, 65, 65.3, 65.5, 66.3, 68.1, 71.3, 71.9, 68.9, 69.8, 70.1, 68.4, 62.1, 62.2, 60.3, 59.9, 63.7, 62.2, 58.8, 60.8, 61.5, 60.4, 59.8, 59.9, 60.7, 61, 59.7, 58.4, 57.1, 57.1, 57.3, 57.9, 46.4, 23.8, 33.4, 39.5, 42.2, 44.3, 46.2, 47.2, 48, 48.8, 49.2, 50.2, 48.1, 47.6, 46.8, 46.7, 48.2, 49.2, 50.1, 50.4, 49.9, 50.2, 49.9, 49.2, 49.7 Oct 2014, Nov 2014, Dec 2014, Jan 2015, Feb 2015, Mar 2015, Apr 2015, May 2015, Jun 2015, Jul 2015, Aug 2015, Sep 2015, Oct 2015, Nov 2015, Dec 2015, Jan 2016, Feb 2016, Mar 2016, Apr 2016, May 2016, Jun 2016, Jul 2016, Aug 2016, Sep 2016, Oct 2016, Nov 2016, Dec 2016, Jan 2017, Feb 2017, Mar 2017, Apr 2017, May 2017, Jun 2017, Jul 2017, Aug 2017, Sep 2017, Oct 2017, Nov 2017, Dec 2017, Jan 2018, Feb 2018, Mar 2018, Apr 2018, May 2018, Jun 2018, Jul 2018, Aug 2018, Sep 2018, Oct 2018, Nov 2018, Dec 2018, Jan 2019, Feb 2019, Mar 2019, Apr 2019, May 2019, Jun 2019, Jul 2019, Aug 2019, Sep 2019, Oct 2019, Nov 2019, Dec 2019, Jan 2020, Feb 2020, Mar 2020, Apr 2020, May 2020, Jun 2020, Jul 2020, Aug 2020, Sep 2020, Oct 2020, Nov 2020, Dec 2020, Jan 2021, Feb 2021, Mar 2021, Apr 2021, May 2021, Jun 2021, Jul 2021, Aug 2021, Sep 2021, Oct 2021, Nov 2021, Dec 2021, Jan 2022, Feb 2022, Mar 2022, Apr 2022




The April Sales Managers Survey results reflect once again the serious and continuing damage caused by the Covid epidemic.

Overall the Sales Managers Index, which draws together the component parts of the survey, remained just below the 50 "no growth" line, although showing signs of marginal upward movement over the month.

The Market Growth Index reflecting perceptions of movement in respondents' commercial environment, advanced a little to 50.7. The Sales Growth Index, reporting on month-on -month growth in companies in the survey, showed firmer upward movement to 51.8. Both indexes encouragingly arrived at a level representing a 5 month high, suggesting that there is buoyancy in some sectors, while others remain mired in the after effects of Covid.

The Jobs and Profits Indexes produced the most negative results. The Jobs Index advanced marginally compared with the levels seen a year ago, but remains way below the 50 level, indicating continuing reluctance to increase investment in staff, given the continuing business uncertainty. The Profits Index sank further from the already lowly levels seen in March.

Finally the Prices Index remained high, indicating strong inflationary pressures remain in the Indian economy. However the Index level did fall away from levels seen in recent months, indicating movement in a positive direction.

In total, a set of results reflecting an economy still struggling to recover from the problems of the last two years, but gradually moving towards a position of recovery.







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 the 7 key indexes.







SMI Indexes



Headline SMI Index
40  60
 
50




Business Confidence Index
40  60
 
50




Market Growth Index
40  60
 
50




Sales Growth Index
40  60
 
50




Prices Charged Index
40  60
 
50




Staffing Levels Index
40  60
 
50




Profit Margins Index
40  60
 
50