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India Tops Global Growth Charts: Manufacturing and Services PMI Outshine All Major Economies

Updated: May 12, 2025 09:46

Image Source: Projects Monitor
India has surged to the forefront of global economic growth, with its manufacturing and services sectors posting the highest Purchasing Managers’ Index (PMI) readings among both developed and emerging markets, according to a new report from J.P. Morgan. The latest data for April 2025 signals robust expansion, outpacing economic heavyweights like China, the US, and the Eurozone.
 
Key Highlights:
  • Record-Setting PMI Figures: India’s manufacturing PMI hit 58.2 and services PMI reached 58.7 in April 2025, the highest among all major economies. Any PMI above 50 indicates sector expansion, underlining the country’s strong economic momentum.
  • Composite PMI at New High: The combined composite PMI for India climbed to 59.7, marking the sharpest rate of expansion since August 2024 and reflecting the fastest growth in private sector activity in eight months.
  • Global Comparison: China’s manufacturing PMI was 50.4 (Markit) and 49 (NBS), while its services PMI stood at 50.7-well below India’s numbers. The US and Eurozone posted mixed results, with several economies hovering near or below the 50 mark, indicating stagnation or contraction.
  • Growth Drivers: India’s surge is powered by robust domestic demand, a substantial rise in new business intakes, and a record increase in export orders from markets across Asia, Europe, West Asia, and the US. The finance and insurance sectors led services growth, while manufacturing saw its strongest performance in over 15 years.
  • Business Optimism: Firms reported improved margins as cost pressures eased and pricing power strengthened. Optimism remains high, supported by favorable market conditions and effective marketing strategies.
  • Policy Support: The Reserve Bank of India’s recent repo rate cut to 6% and an accommodative policy stance are expected to further support growth.
India’s stellar PMI performance underscores its position as the world’s fastest-growing major economy, with strong fundamentals and broad-based sectoral momentum.
 
Sources: The Hindu Business Line, Business Standard, Economic Times, Times of India

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