Page 16 - Policy Economic Report - December 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 12: All India Inflation Rates for CPI(General) and CFPI

Source- MoSPI

Manufacturing PMI – India

• The HSBC Flash India Composite Output Index – a seasonally adjusted index that measures the month
on-month change in the combined output of India's manufacturing and service sectors registered 60.7
at the end of the 2024 calendar year. Rising from a final reading of 58.6 in November, the latest
reading highlighted the strongest growth rate for four months. There were quicker increases in output
at both goods producers and service providers.

• The HSBC Flash India Manufacturing PMI – a single-figure snapshot of factory business conditions
calculated from measures of new orders, output, employment, supplier delivery times and stocks of
purchases – recovered from November's two-month low of 56.5 to 57.4 in December. This pointed to
an improvement in manufacturing sector conditions that was substantial and stronger than seen on
average across the series history.

• Demand for Indian goods and services continued to improve in December, as seen by a sharp increase
in new orders that was the most pronounced since July 2024.
Figure 13: India PMI

Source- S&P Global Page | 15

December 2024