Tertiary troubles

There are two striking aspects to the HSBC Purchasing Managers’ Index report for India, a robust measure of economic activity that is based on monthly surveys of private sector companies. First, the Composite Output Index registered a contraction in July, signalling an overall decline in the private sector. The fact this has happened for the first time since April 2009 shows that the Indian economy is pretty much in the same shape it was after the 2008 global economic crisis. If anything, it may be even a tad worse, which brings up the second point.

Read Full Story>>