India’s private sector growth moderated in September from a record growth seen in August, flash survey results from S&P Global showed on Tuesday.
The HSBC flash composite output index dropped to 61.9 in September from 63.2 in August. However, a score above 50 indicates expansion in the sector.
Among components, new orders, output, and employment all expanded at a slower pace in September.
The Manufacturing PMI decreased to 58.5 in September from 59.3 in August. The services Purchasing Managers’ Index also declined to 61.6 in September from 62.9 in the previous month.
International sales received by Indian private companies rose at the weakest pace in six months. Employment growth was moderate overall, as they have sufficient labor for current requirements.
On the price front, both input and output price inflation remained marked in September, though the rate of growth eased in both cases.
Looking ahead, firms expressed positive feelings about output expectations over the year ahead, buoyed by capacity expansion, competitive pricing, demand strength, efficiency gains, and marketing efforts, along with the benefit from the GST rate cut.
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