BUSINESS ACTIVITY GROWS AT FASTEST PACE IN 14 YEARS DEMAND UPTICK

India’s business activity expanded at its fastest pace in nearly 14 years this month thanks to robust demand, according to a survey released on Tuesday that also showed easing input inflation and positive jobs growth.

That suggests India is well placed to remain the fastest growing major economy this year after posting strong expansion over the past few quarters.

HSBC’s flash India Composite purchasing managers’ Index, compiled by S&P Global, rose to 62.2 this month from March’s final reading of 61.8.

The reading has been consistently above the 50-mark separating expansion from contraction since August 2021.

“Strong performance in both the manufacturing and service sectors, led by increased new orders, resulted in the highest composite output index since June 2010,” noted Pranjul Bhandari, chief India economist at HSBC.