Page 16 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

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 – rose from a
final reading of 59.1 in October 2024 to 59.5 in November 2024, indicating a sharp rate of expansion
that was the strongest in three months and above its long-run average. Growth ticked lower in the
manufacturing industry whilst picking up in services, although the former outperformed again.

• At 57.3 in November, down only marginally from 57.5 in October, 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 – highlighted another
substantial improvement in the health of the sector.

• The HSBC Flash India Services PMI Index rose from 58.5 in October 2024 to 59.2 in November 2024,
showing growing confidence in the service sector.

Figure 6: India PMI

Source- S&P Global

India’s external position

India’s forex reserves
• India's forex reserves stand at $ 657.89 billion as of 15th November, 2024 according to RBI.

• According to the Weekly Statistical Supplement released by the RBI, foreign currency assets (FCAs)
fell by $15.5 billion to $569.84 billion.

• Gold reserves decreased by $2 billion, bringing the total down to $65.7 billion. The Special Drawing
Rights (SDRs) dipped by $94 million, now totaling $18 billion, while the reserve position in the
International Monetary Fund (IMF) contracted by $51 million, now standing at $4.2 billion.

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