India Economy
India's private sector activity slips slightly in August, shows HSBC Flash PMI
Mumbai/IBNS: India's private sector activity slipped to a three-month low of 60.5 in August from 60.7 a month back, according to preliminary data released on Thursday (August 22).
However, the HSBC Flash India Composite Output Index remained above the 60-mark, indicating robust growth.
The index has expanded for 37 months in a row, as per reports.
Both manufacturing and services activity in the country are expected to remain strong, as per the index.
India’s manufacturing activity had declined to 58.1 in July from 58.3 in the previous month, while services PMI had eased to 60.3 from 60.5 in this period, reports said.
Inflation in both the categories had touched a multi-year high, which has been a cause for concern, reports Moneycontrol, adding that as manufacturers pass on the costs, core inflation is likely to increase, which will push headline inflation up.
Meanwhile, consumer inflation had slipped to 3.5 percent in July compared with 5.1 percent in the previous month, but prices increased sequentially, according to data released on August 12.
India’s gross domestic product (GDP) growth likely to have tapered in the first quarter, as per early estimates.
The government, however, will release the GDP data on August 30.
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