Page 21 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Manufacturing PMI – India

• The headline 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 to 58.6 this month from September's final reading of 58.3, which was a 10-month low.

• Growth in new orders and new export order led to this growth in October 2024, thereby improving
business confidence.

• 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 – posted 57.4 in October as against 56.7 in September. The reading signaled a further
marked strengthening in business conditions for goods producers. The services industry reading rose
slightly to 57.9 this month from 57.7 in September 2024.

India’s external position

India’s forex reserves
• India's forex reserves stand at $ 690 billion as of 11th October, 2024 according to RBI.

• According to the Weekly Statistical Supplement released by the RBI, foreign currency assets (FCAs)
fell by $10.5 billion to $602 billion.

• Gold reserves decreased by $98 million, bringing the total down to $65.6 billion. The Special Drawing
Rights (SDRs) dipped by $86 million, now totaling $18.3 billion, while the reserve position in the
International Monetary Fund (IMF) contracted by $20 million, now standing at $4.3 billion.

India’s foreign trade position

• India’s total exports (Merchandise and Services combined) for September 2024 is estimated at USD
65.19 Billion, registering a growth of 3.76 percent vis-à-vis September 2023.

• Total imports (Merchandise and Services combined) for September 2024 is estimated at USD 71.68
Billion, registering a growth of 3.79 percent vis-à-vis September 2023.

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