India's Economic Indicators Show Resilience Amid Global Challenges
Weekly economy wrap: PMIs rebound, Cabinet push sharpens growth focus
Business Standard
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India's economy showed signs of resilience with improved manufacturing and services activity, as reflected in the PMI data. Despite rising costs and a decline in forex reserves, the government is pushing for investment-led growth through various initiatives, including higher sugarcane prices and infrastructure projects.
- 01Manufacturing PMI rose to 54.7 in April, indicating strong demand.
- 02Net direct tax collections increased by 5.12% to over ₹23.40 trillion in FY26.
- 03The Cabinet approved a ₹5,659 crore cotton productivity mission to boost output.
- 04Finished steel consumption rose by 8.1% year-on-year in April.
- 05Moody's highlighted India's resilience as a large emerging market economy.
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India's economy demonstrated resilience in the past week, with key indicators showing steady demand and growth prospects. The HSBC India Manufacturing Purchasing Managers' Index (PMI) rose to 54.7 in April, up from 53.9 in March, driven by stronger export orders despite rising input costs. The Services PMI also climbed to a five-month high of 58.8. Meanwhile, net direct tax collections increased by 5.12% to over ₹23.40 trillion in FY26, although this fell short of the revised target of ₹24.21 trillion. The Indian government has pushed for investment-led growth through various initiatives, including a ₹5,659 crore cotton productivity mission aimed at doubling output by 2030-31. Additionally, the Cabinet approved infrastructure projects worth ₹23,437 crore to enhance the railway network. Despite these positive indicators, concerns remain regarding rising costs and a decline in forex reserves, as highlighted by Moody's Ratings, which noted India's strong position compared to other emerging markets.
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The government's focus on investment-led growth and infrastructure projects could lead to job creation and improved economic conditions for various sectors, including agriculture and manufacturing.
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More about Moody's Ratings
Moody's Identifies India as a Leading Resilient Emerging Market Since 2020
The Economic Times • May 6, 2026
Moody's Ratings: India Among Most Resilient Emerging Markets to Global Shocks
The Economic Times • May 5, 2026
India Tops Resilience Charts Among Emerging Markets, Says Moody's Ratings
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