India's April business growth at near 14-year high, PMIs show [Reuters]
HSBC Holdings, plc. (HSBC)
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Source: Reuters
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 (INPMCF=ECI) New Tab , opens new tab , 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. The strong expansion was led by services activity (INPMSF=ECI) New Tab , opens new tab , with the index rising to a three-month high at 61.7 from March's 61.2, thanks to new business - a key gauge for demand - accelerating. A manufac
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