India Sees Record Rise In Exports, Employment At 18-Year High In May: Report
NDTV
Over this period, growth was stronger only in July 2023 and March 2024. When explaining the latest increase, survey participants cited successful advertising, efficiency gains, robust intakes of new work and demand strength, the report said.
The Indian economy clocked a record rise in exports and the sharpest upturn in employment in nearly 18 years in May, according to HSBC Flash Purchasing Manager's Index (PMI) data released on Thursday.
The PMI data, compiled by S&P Global, indicated the third-strongest upturn in private sector output since July 2010. Although the manufacturing industry continued to lead the growth of both sales and output, it was the service economy that was responsible for the latest acceleration in overall economic expansion.
Other positive developments highlighted by May's survey included a record rise in aggregate exports, the steepest expansion in private sector jobs since 2006 and a notable improvement in business confidence. On the price front, a faster increase in input costs pushed prices charged for Indian goods and services higher.
