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.


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