India's Business Activity Hits Eight-Month High

India's business activity reached a three-month high in November, with the HSBC survey indicating a rise in the Composite Purchasing Managers' Index (PMI) to 59.5, driven by strong services sector growth and record job creation. The services PMI rose to 59.2, while manufacturing also expanded but at a slightly slower pace, declining to 57.3. Domestic demand improved, particularly in services, although rising inflation and input costs pose challenges. Additionally, October 2024 saw an economic activity growth of 10.1%, attributed to post-monsoon recovery and festive demand, showcasing significant increases in vehicle registrations and fuel consumption. The optimistic economic outlook is bolstered by a surge in exports and hiring, despite inflation concerns that reached a near 12-year high in output. Overall, these trends suggest resilience in India's economy as it navigates through inflationary pressures and global market dynamics.