India's business activity surges in June on strong demand, record export orders, PMI shows
India's private sector activity accelerated sharply in June as companies ramped up production to meet surging domestic and international demand, according to a survey released on Monday that showed record export growth and robust hiring.
The HSBC Flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, jumped to a 14-month high of 61.0 this month from 59.3 in May, exceeding a Reuters poll forecast for a modest lift to 59.4.
The 50-mark separates growth from contraction and the latest data showed nearly four years of sustained expansion.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Dieser einfache Trick kann den Gang verbessern
Gesundheitsaktuell
Mehr erfahren
Undo
Services gained momentum with the activity index rising to 60.7 from May's 58.8 - the strongest since August last year - while manufacturing gained pace thanks to robust output. Its PMI climbed to 58.4 in June from 57.6.
"New export orders continued to fuel private sector business activity, especially in manufacturing," noted Pranjul Bhandari, chief India economist at HSBC.
Live Events
This expansion was driven by favorable demand as composite new orders grew at the fastest pace in 11 months. Goods producers experienced a more pronounced upturn than services firms.
International sales saw a remarkable rise, with overall new export business at the highest since the data started to be collected in September 2014. However, service providers recorded slower growth in export business compared to last month.
"The combination of robust global demand and rising backlogs prompted manufacturers to increase hiring," added Bhandari.
Manufacturing employment growth reached a peak not seen since the series began over two decades ago. Service providers also continued adding jobs at a solid pace, albeit slower than in May.
Meanwhile, overall price pressures eased slightly with input cost inflation softening to a 10-month low, allowing firms to limit price hikes to remain competitive. That resulted in a slower rate of output price rises from May's six-month high.
That comes after data showed inflation eased to an over 6-year low in May, allowing the Reserve Bank of India to focus on supporting economic growth and cutting interest rates amid rising uncertainty from U.S. trade tariffs.
Despite positive private sector performance, business confidence dipped to its lowest in just over two years. Manufacturers expressed slightly improved optimism while service providers tempered their expectations for the coming year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
31 minutes ago
- Time of India
Neetu Yoshi IPO opens June 27, price band fixed at Rs 71-75. Check details
The initial public offering (IPO) of metallurgical engineering company Neetu Yoshi will be available for public bidding from Friday, June 27 and the company has fixed a price band of Rs 71-75 for this issue. The company aims to raise Rs 77.04 crore (at the upper end of the price band), with its shares proposed to be listed on the BSE SME platform. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The World's Most Stunning Blue Flag Beaches Ranked: Top 25 List! Read More Here are the key details you need to know: Neetu Yoshi IPO size The issue size is 1,02,72,000 equity shares at a face value of Rs 5 each with a price band of Rs 71 - Rs 75 per Share. As part of the equity share allocation structure, up to 29,20,000 equity shares have been reserved for the anchor investor portion. The Qualified Institutional Buyer (QIB) category may be allocated up to 19,52,000 equity shares. Live Events A minimum of 14,65,600 equity shares will be allotted to Non-Institutional Investors (NIIs), while retail individual investors (RIIs) will receive not less than 34,14,400 equity shares. Additionally, up to 5,20,000 equity shares have been earmarked for the market maker category. Net proceeds from the Neetu Yoshi IPO The net proceeds from the IPO will be utilized for the setting up of a new manufacturing facility and for general corporate purposes. Book running lead managers of Neetu Yoshi IPO The Book Running Lead Manager to the Issue is Horizon Management Private Limited, and the Registrar to the Issue is Skyline Financial Services Private Limited. About the company Neetu Yoshi Ltd is a metallurgical engineering company manufacturing critical safety spares for railways. The products include mild steel, spheroidal graphite iron, cast iron, and manganese steel (0.2 kg to 500 kg). The Company is an RDSO-certified vendor supplying 25+ critical safety spare parts for Indian Railways, specializing in braking solutions, suspensions, propulsion aids and coupling attachments. The company has established a Class 'A' RDSO-certified manufacturing facility in Bhagwanpur, Uttarakhand, spanning 7,173 sq. meters with 8,087 MTPA capacity. With advanced infrastructure, in-house testing, and a strategic location, the company delivers precision-engineered, high-quality metallurgical products at competitive prices. As a late mover, Neetu Yoshi leverages advanced technology, CNC precision, and cost-efficient processes to gain a competitive edge while developing next-gen railway solutions. Neetu Yoshi financial performance In FY24, the company achieved a revenue of Rs 4,733.42 lakh, EBITDA of Rs 1,718.57 lakh, and a PAT of Rs 1,257.72 lakh. For the nine-month period ended December 31, 2024, the company achieved a revenue of Rs 5,136.08 lakh, EBITDA of Rs 1,684.89 lakh, and a PAT of Rs 1,199.24 lakh.
Indian Express
39 minutes ago
- Indian Express
DeepSeek aids China's military and evaded export controls, US official says
AI firm DeepSeek is aiding China's military and intelligence operations, a senior U.S. official told Reuters, adding that the Chinese tech startup sought to use Southeast Asian shell companies to access high-end semiconductors that cannot be shipped to China under U.S. rules. Hangzhou-based DeepSeek sent shockwaves through the technology world in January, claiming its artificial intelligence reasoning models were on par with or better than U.S. industry-leading models at a fraction of the cost. 'We understand that DeepSeek has willingly provided and will likely continue to provide support to China's military and intelligence operations,' a senior State Department official told Reuters in an interview. 'This effort goes above and beyond open-source access to DeepSeek's AI models,' the official said, speaking on condition of anonymity in order to speak about U.S. government information. The U.S. government's assessment of DeepSeek's activities and links to the Chinese government have not been previously reported and come amid a wide-scale U.S.-China trade war. Among the allegations, the official said DeepSeek is sharing user information and statistics with Beijing's surveillance apparatus. Chinese law requires companies operating in China to provide data to the government when requested. But the suggestion that DeepSeek is already doing so is likely to raise privacy and other concerns for the firm's tens of millions of daily global users. The U.S. also maintains restrictions on companies it believes are linked to China's military-industrial complex. U.S. lawmakers have previously said that DeepSeek, based on its privacy disclosure statements, transmits American users' data to China through 'backend infrastructure' connected to China Mobile, a Chinese state-owned telecommunications giant. DeepSeek did not respond to questions about its privacy practices. The company is also referenced more than 150 times in procurement records for China's People's Liberation Army and other entities affiliated with the Chinese defense industrial base, said the official, adding that DeepSeek had provided technology services to PLA research institutions. Reuters could not independently verify the procurement data. The official also said the company was employing workarounds to U.S. export controls to gain access to advanced U.S.-made chips. The U.S. conclusions reflect a growing skepticism in Washington that the capabilities behind the rapid rise of one of China's flagship AI enterprises may have been exaggerated and relied heavily on U.S. technology. DeepSeek has access to 'large volumes' of U.S. firm Nvidia's high-end H100 chips, said the official. Since 2022 those chips have been under U.S. export restrictions due to Washington's concerns that China could use them to advance its military capabilities or jump ahead in the AI race. 'DeepSeek sought to use shell companies in Southeast Asia to evade export controls, and DeepSeek is seeking to access data centers in Southeast Asia to remotely access U.S. chips,' the official said. The official declined to say if DeepSeek had successfully evaded export controls or offer further details about the shell companies. DeepSeek also did not respond to questions about its acquisition of Nvidia chips or the alleged use of shell companies. When asked if the U.S. would implement further export controls or sanctions against DeepSeek, the official said the department had 'nothing to announce at this time.' China's foreign ministry and commerce ministry did not respond to a Reuters request for comment. 'We do not support parties that have violated U.S. export controls or are on the U.S. entity lists,' an Nvidia spokesman said in a prepared statement, adding that 'with the current export controls, we are effectively out of the China data center market, which is now served only by competitors such as Huawei.' DeepSeek has said two of its AI models that Silicon Valley executives and U.S. tech company engineers have showered with praise – DeepSeek-V3 and DeepSeek-R1 – are on par with OpenAI and Meta's most advanced models. AI experts, however, have expressed skepticism, arguing the true costs of training the models were likely much higher than the $5.58 million the startup said was spent on computing power. Reuters has previously reported that U.S. officials were investigating whether DeepSeek had access to restricted AI chips. DeepSeek has H100 chips that it procured after the U.S. banned Nvidia from selling those chips to China, three sources familiar with the matter told Reuters, adding that the number was far smaller than the 50,000 H100s that the CEO of another AI startup had claimed DeepSeek possesses in a January interview with CNBC. Reuters was unable to verify the number of H100 chips DeepSeek has. 'Our review indicates that DeepSeek used lawfully acquired H800 products, not H100,' an Nvidia spokesman said, responding to a Reuters query about DeepSeek's alleged usage of H100 chips. In February, Singapore charged three men with fraud in a case domestic media have linked to the movement of Nvidia's advanced chips from the city state to DeepSeek. China has also been suspected of finding ways to use advanced U.S. chips remotely. While importing advanced Nvidia chips into China without a license violates U.S. export rules, Chinese companies are still allowed to access those same chips remotely in data centers in non-restricted countries. The exceptions are when a Chinese company is on a U.S. trade blacklist or the chip exporter has knowledge that the Chinese firm is using its chips to help develop weapons of mass destruction. U.S. officials have not placed DeepSeek on any U.S. trade blacklists yet and have not alleged that Nvidia had any knowledge of DeepSeek's work with the Chinese military. Malaysia's trade ministry said last week that it was investigating whether an unnamed Chinese company in the country was using servers equipped with Nvidia chips for large language model training and that it was examining whether any domestic law or regulation had been breached.
Time of India
an hour ago
- Time of India
IIT Bombay CSR Conclave 2025 launches catalogue of 276 projects, strengthens tech-driven industry partnerships
MUMBAI: At IIT Bombay's base in Powai, amidst its vibrant academic environment, a significant gathering took place. On June 6, 2025, more than 500 participants, including corporate leaders, donors, academics, students and key stakeholders in India's development, assembled for the annual CSR Conclave. The conference centred on 'Fuelling Technology for Nation Building', emphasising the integration of governance and determination. The discussions highlighted two crucial aspects: the necessity for corporate social responsibility to deliver quantifiable results, and technology's potential to influence national development when applied thoughtfully. Prof. Shireesh Kedare, IIT Bombay's Director, commenced with a strategic opening address: "CSR partnerships thrive on transparency, trust, and systems that don't slow down ambition." His words were supported by substantial achievements—81 new partnerships established in 2024–25, with over 140 companies integrating their CSR objectives with IIT's technological initiatives. "We've created structures that corporations can rely on," Kedare noted, "because social transformation deserves more than good intentions—it needs accountability." Following this, alumnus Ashank Desai, a successful technology entrepreneur, presented his perspective on IIT Bombay's future direction. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like One of the Most Successful Investors of All Time, Warren Buffett, Recommends: 5 Books for Turning... Blinkist: Warren Buffett's Reading List Click Here Undo "India's ambition must be to lead—not just in GDP, but in the scale of its innovation," he stated. He emphasised the urgency of progress, saying, "We can't afford the luxury of slow. Speed and scale—that's the new mantra." For Desai, CSR represented an investment in intellectual capital and national scientific advancement. "If IIT does well," he smiled, "so does society. That's the truest form of giving back." The launch of the Annual CSR Catalogue 2025 marked a significant moment, presenting 276 implementable projects across healthcare, education, clean technology, entrepreneurship, rural development and AI applications. These initiatives represented concrete opportunities for corporate engagement and collaboration. The event featured two significant panel discussions examining the role of philanthropic funding in advancing innovation and strengthening industry-academia partnerships. Additional sessions covered GenAI, healthcare technology and sustainability, complemented by research demonstrations and facility tours. The day concluded with the 'Felicitation Ceremony for CSR Champions', recognising contributors to scientific advancement in society. The event reinforced IIT Bombay's approach to CSR as an essential component for India's progressive development.
