First April Survey Results for the Indian Economy

Rapid deceleration in economic activity


 
Indian Sales Managers reported another month of economic expansion in April, but also a significant fall in Business Confidence to a 15 month low, a big fall in the Sales Growth index, also to a 15 month low, and a serious fall in the Staffing Index to a two year low. Overall the composite Sales Managers Index slowed to a 15 month low, probably linked to uncertainty caused by the US imposition of potentially highly damaging tariffs.

India Sales Managers Index: April 2025
Diffusion Index: 50 = ‘no growth’
First April Survey Results for the Indian Economy


The good news is that all growth related indexes remained over the 50 "no growth" line. The bad news is that all Indexes bar one fell sharply compared with levels established in March. The exception was the Price Inflation Index which produced a further slug of bad news by rising to a high level not seen for two years.

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