Business Confidence in India Rises to a 30 Month High in September


 
Although still far behind the growth figures registered in the heady pre Covid days, economic activity in India does at last seem to be recovering from the disaster of the global pandemic.


The rapid upward movement of Business Confidence is the outstanding feature of the September Sales Managers Survey. The Index rose from a pedestrian level of 51.4 in August, to the sparkling 30 month high level of 53.3 in September.

The other economic activity related indexes mostly improved to 50+ levels, signifying modest growth, but the Staffing index remained stubbornly under water at a lowly reading of 45.0.

Overall therefore, it appears as if India is slowly rising from the covid induced mire into which it plunged in 2020, to once more register economic growth.

Although looking at the charts exhibiting brimming self confidence and sales growth racing ahead of the years prior to covid, it appears likely that the GDP data emerging from the Government still reflects recovery from the Covid lows of activity, rather than real non Covid related growth above the levels recorded pre Covid.
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