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India PMI Services 61.0 (consensus 59.5) in Sep-23

- India's Purchasing Managers' Index (PMI) for the services sector reached its highest level since July 2023, with a reading of 61.0 in September 2023, contrary to expectations for a dip to 59.5.
- This exceptional growth in the services sector, surpassing the one-year average by 1.88 points, indicates a sustained period of robust expansion and a positive outlook for the Indian economy.

India PMI Manufacturing 57.5 (consensus 58.1) in Sep-23

- India PMI Manufacturing for September 2023 decreased to 57.5, the lowest level since April 2023, indicating a surprisingly steep slowdown in the sector.
- Despite the decline, the index still indicates growth in the manufacturing sector, albeit at a slower pace, with the current reading being 0.55 points above the one-year average.

G20: IF The IFIs…

• Despite failures over 25 years to truly get to grips with long-overdue IFI reform, there is reason for cautious optimism embedded in agreements reached at the recent G20 summit. Hopefully, this will be reinforced at the IMF/IBRD annual meetings next month.

By Alastair Newton

India wholesale price inflation -0.52% y-o-y (consensus -0.6) in Aug-23

- India's wholesale price inflation in August 2023 decreased by 0.52% year-on-year, slightly better than market expectations, and represents the highest growth rate since March 2023.
- Food prices experienced a notable increase, while manufacturing and fuel prices witnessed significant declines in wholesale inflation.