India Services Growth Strengthens In October

RTTNews | 246 days 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 Slashes Policy Rates By Bigger Than Expected 50 Bps; Shifts Stance To Neutral

The Reserve Bank of India lowered its interest rates by a sharper-than-expected 50 basis points on Friday, marking the third consecutive reduction as policymakers focused on propelling growth amid the softening inflation, but the central bank shifted its monetary policy stance to neutral signaling a pause ahead. The MPC decided to cut the policy repo rate by 50 basis points to 5.50 percent.

RTTNews | 34 days ago

RBI Shifts Stance To Accommodative As Tariffs Loom

The Reserve Bank of India cut its key policy rates for the second straight meeting and also shifted its monetary policy stance to accommodative as trade tariffs pose risks to the outlook for both inflation and growth. At the first policy meeting of the financial year, the Monetary Policy Committee, led by RBI Governor Sanjay Malhotra, unanimously decided to cut the policy repo rate.

RTTNews | 92 days ago

India Inflation Weakest In 7 Months

India's consumer price inflation slowed to a seven-month low in February as food price growth hit the lowest in nearly two years, raising expectations of interest rate cuts over coming months. Consumer price inflation eased to 3.61 percent in February from 4.26 percent in January, official data revealed on Wednesday. This was the lowest since July 2024.

RTTNews | 120 days ago

India Inflation Weakens More Than Forecast To Lowest Level In 5 Months

India's consumer price inflation slowed more than expected to a five-month low in January reinforcing expectations that the Reserve Bank of India will reduce interest rates further. The consumer price index registered an increase of 4.31 percent on a yearly basis in January, weaker than the 5.22 percent rise logged in December, official data revealed on Wednesday.

RTTNews | 148 days ago

India Cuts Interest Rates For First Time Since 2020

The Reserve Bank of India reduced its key interest rates for the first time in nearly five years as the newly appointed governor prioritized providing impetus to economic growth than containing inflation and, underlined that the bank does not target any exchange rate level for the rupee. The 6-member RBI Monetary Policy Committee, headed by Governor Sanjay Malhotra, decided to lower the policy

RTTNews | 153 days ago

Indian Central Bank Announces Measures To Boost Banking System Liquidity

The Reserve Bank of India on Monday announced several measures that are set to inject over INR 1 trillion liquidity into the banking system, a move many observers interpreted as paving the way for policy easing next week. The central bank said it will purchase government securities worth INR 600 billion through open market operations purchase auctions.

RTTNews | 164 days ago

Indian Economy To Expand 6.4% In FY25, Weakest In 4 Years: Govt Estimate

India's economy is set to grow at the slowest pace in 4 years in the fiscal year 2024-25, initial estimates from the government showed on Tuesday. Gross domestic product is expected to grow 6.4 percent in the financial year ending March 31 following an 8.2 percent expansion in the previous fiscal.

RTTNews | 184 days ago

India Private Sector Growth Strongest In 4 Months

India's private sector grew the most in four months in December as there were quicker increases in output at both manufacturers and service providers, flash data compiled by S&P Global showed on Monday. The HSBC composite output index registered 60.7 in December, up from 58.6 in November. A score above 50.0 indicates expansion.

RTTNews | 206 days ago

EURUSD	1.16901	GBPUSD	1.35707	AUDUSD	0.65764
USDJPY	146.309	USDCAD	1.36761	USDCHF	0.79726

Advertisement

India Services Growth Strengthens In October