India Private Sector Growth Improves In October

(RTTNews) - India's private sector activity expanded more strongly in October, underpinned by quicker increases in factory production and services activity, flash survey data from S&P Global showed on Thursday.

The flash HSBC composite output index rose to 58.6 in October from 58.3 in September. A score above 50 indicates expansion in the sector.

The survey revealed that manufacturers outperformed service providers regarding rates of expansion for output and sales and also recorded faster increases in input costs and selling charges.

The manufacturing purchasing managers' index climbed to 57.4 in October from 56.5 in the previous month.

The services purchasing managers' index increased somewhat to 57.9 in October from 57.7 in the prior month.

Indian private sector companies received a growing number of new order intakes on the back of positive demand trends, and these encouraged firms to scale up business activity and recruit additional workers. The latest increase in employment was sharp and the quickest in 18-and-a-half years.

On the price front, input price inflation accelerated to a 3-month high amid marginally quicker increases at both goods producers and service providers. As a result, selling prices also grew at the fastest pace in three months.