India's private sector activity showed a robust expansion in October, driven by notable accelerations in both manufacturing output and service activity, according to preliminary data released by S&P Global.
The preliminary HSBC Composite Output Index increased to 58.6 in October, up from 58.3 in September, with scores above 50 signifying sector growth.
The survey highlighted that manufacturers outpaced service providers regarding growth rates in output and sales and also experienced more rapid rises in input costs and sales charges.
The Manufacturing Purchasing Managers' Index (PMI) rose to 57.4 in October from 56.5 in September. Meanwhile, the Services PMI saw a modest increase, reaching 57.9 in October from 57.7 the previous month.
Indian private sector firms experienced an upswing in new orders due to favorable demand conditions, prompting businesses to boost operations and increase their workforce. Notably, the recent surge in employment was significant, marking the most rapid growth in 18 and a half years.
On the pricing front, input price inflation hit a three-month peak, with modestly swifter increases at both manufacturing and service fronts. Subsequently, selling prices rose at the fastest rate in three months.
