India Services Growth Strengthens In October

RTTNews | 7h 11min ago

(RTTNews) - India's services activity growth recovered from September's ten-month low on sharper expansion in output and new business, final data from S&P Global showed on Wednesday.

The HSBC final services Purchasing Managers' Index registered 58.5 in October, up from 57.7 in September. The flash score was 57.9.

New business growth accelerated from a ten-month low seen in September. Driven by strengthening demand from Africa, Asia, the US, the Middle East and the UK, new export sales recovered in October.

Services employment increased at the quickest pace in 26 months. A sustained improvement in new business induced firms to hire full and part-time workers.

Capacity pressures also boosted job creation. Outstanding business volumes grew for the thirty-fourth straight month, with the rate of accumulation quickening to the highest since July.

Regarding prices, the survey showed that input price inflation hit a three-month high and output price inflation picked up to the strongest since July and outpaced the series trend.

Business sentiment remained positive in October despite receding a little from September.

Indian private sector activity increased to a greater extent in October, owing to stronger growth at both goods producers and service providers. The HSBC composite output index rose to 59.1 from September's ten-month low of 58.3. The final score was above the initial estimate of 58.6.

Tags: INR

India Manufacturing Activity Growth Gains Momentum

India's manufacturing sector growth accelerated in October as rising new orders lifted production and confidence, data compiled by S&P Global showed on Monday. The HSBC final manufacturing Purchasing Managers' Index rose to 57.5 in October from an eight-month low of 56.5 in September. The flash reading was 57.4. A score above 50.0 indicates expansion.

RTTNews | 2 days ago

India Central Bank Policy Stance Shift To Neutral Opens Door For Rate Cuts

The Reserve Bank of India maintained its interest rate for the tenth straight meeting on Wednesday, and shifted its monetary policy stance to neutral, paving the way for the first interest rate cut in four years as inflation is expected to moderate. The RBI Monetary Policy Committee, led by Governor Shaktikanta Das, voted 5-1 to keep the policy repo rate unchanged at 6.50 percent.

RTTNews | 27 days ago

India Service Sector Continues To Expand In September

India service sector expanded at a solid pace in September but growth in total new business, exports and overall output grew at the slowest rates since late-2023, final data compiled by S&P Global showed on Friday. The HSBC services Purchasing Managers' Index fell to 57.7 in September from 60.9 in the previous month. The flash reading was 58.9.

RTTNews | 33 days ago

India GDP Growth Slowest In 5 Quarters

India's economy grew at the slowest pace in five quarters in the three months to June, as a slowdown in farm output, and a slump in government spending offset the gains in manufacturing and private consumption. Gross domestic product grew 6.7 percent year-on-year following a 7.8 percent increase in the March quarter, preliminary figures from the country's statistical office showed Friday.

RTTNews | 67 days ago

India Consumer Price Inflation Falls; Industrial Output Logs Slower Growth

India's inflation eased more than expected in July to a near five-year low on sharp deceleration in food price growth, giving room for the central bank for monetary policy easing. Consumer price inflation softened to 3.54 percent in July from 5.08 percent in June, the National Statistical Office said Monday. In the same period last year, inflation was 7.44 percent.

RTTNews | 85 days ago

India Central Bank Maintains Status Quo

Despite the global market volatility, the Reserve Bank of India maintained its interest rates as well as its policy stance and emphasized on bringing food inflation under control. The Monetary Policy Committee, led by Governor Shaktikanta Das, voted 4-2 to keep the policy repo rate at 6.50 percent. The decision came in line with expectations. MPC members Ashima Goyal and Jayanth Varma once aga

RTTNews | 89 days ago

India Trims Fiscal Deficit Target, Rupee Hits Record Low On Capital Gains Tax Hike

Sticking to the commitment of fiscal consolidation, India's Finance Minister Nirmala Sitharaman unveiled a budget that aims to provide impetus to job creation, start-ups and small enterprises, while proposals for raising the tax rates on capital gains damped market sentiment and send the rupee to a record low. The government lowered the fiscal deficit target to 4.9 percent of GDP.

RTTNews | 105 days ago

India Holds Key Interest Rates As Expected; Raises Growth Outlook

India's central bank kept its key interest rates unchanged for the eighth straight session on Thursday and pledged to maintain the disinflationary stance until inflation aligns with the target on a durable basis amid faster economic growth. The Monetary Policy Committee of the Reserve Bank of India led by Governor Shaktikanta Das, voted 4-2 to keep the policy repo rate at 6.50 percent.

RTTNews | 151 days ago

EURUSD	1.07484	GBPUSD	1.28719	AUDUSD	0.6552
USDJPY	153.848	USDCAD	1.3914	USDCHF	0.87292