India’s economic performance concluded 2024 on a promising note, with private sector output experiencing significant expansion and robust indicators across multiple economic segments.
The HSBC December flash Composite Purchasing Managers’ Index (PMI) reached 60.7, demonstrating strong economic activity. This reading, which is above the critical 50-point threshold separating growth from contraction, indicates sustained economic momentum across manufacturing and services sectors.
Both the manufacturing and services sectors showed notable improvements. The services sector PMI rose to 60.8, while manufacturing reached 57.4, reflecting increased production, new orders, and employment opportunities. Service providers particularly drove sales growth, with new business indices reaching their highest levels since January.
Economists observed several positive trends. The economy experienced faster growth in domestic orders, suggesting improving economic dynamics. International demand for goods and services also contributed to the positive outlook, with merchandise exports increasing more rapidly compared to service exports.
Employment data presented an equally encouraging picture. Companies expanded hiring at the fastest rate since the survey’s inception in 2005, with both manufacturing and services sectors recording peak employment generation.
After two months of steeper increases, inflation pressures showed signs of moderation in December. While companies continued adjusting selling prices, the rate of increase was slower compared to November’s near 12-year high.
The quarter’s economic growth settled at 5.4%, which, while softer than previous periods, still demonstrates resilience. Economists anticipate that easing inflation might stimulate private sector demand and improve economic prospects for 2025.
Financial experts and the newly appointed Reserve Bank of India Governor Sanjay Malhotra are optimistic. Consumer inflation registered at 5.48% last month, lower than expected, with many economists predicting potential interest rate cuts in February 2025.
The consistent economic indicators suggest India’s economy maintains strong fundamentals and potential for continued growth in the coming year.
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