India Tops Global Growth Charts as Manufacturing and Services PMI Outshine All Major Economies: JP Morgan

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Economists say the data highlights India’s resilience and long-term potential as a global growth engine.

India has emerged as the global frontrunner in both manufacturing and services activity for April 2025, according to JP Morgan’s latest Purchasing Managers’ Index (PMI) report. With manufacturing PMI at 58.2 and services PMI even higher at 58.7, India recorded the strongest growth among all developed and emerging economies, reflecting an economy expanding at a consistent and healthy pace.

The Purchasing Managers’ Index (PMI) is a vital economic indicator reflecting the health of manufacturing and services sectors. A score above 50 signals growth, below 50 denotes contraction, and 50 indicates no change. India’s current figures firmly place it in an expansionary phase, powered by robust domestic demand, business optimism, and macroeconomic stability.

In stark contrast, China’s performance lagged with manufacturing PMI at 50.4 (Markit) and 49 (National Bureau of Statistics), while its services PMI stood at 50.7 (Markit) and 50.1 (NBS). Although technically still in growth territory, these figures underline slower momentum in the world’s second-largest economy.

Other leading economies also failed to keep pace with India’s surge:

The United States posted a manufacturing PMI of 48.7 (ISM), suggesting contraction, while its services sector fared only marginally better at 51.6.

The Eurozone saw manufacturing shrink to 49, with services barely expanding at 50.1.

The United Kingdom witnessed a contraction in both sectors, with manufacturing PMI at 45.4 and services at 49.

France too reported sluggish readings: 48.7 (manufacturing) and 49 (services).

Japan, another G7 economy, saw weak demand affecting both its manufacturing and services segments, although specific PMI figures for April were not highlighted in the report.

Economists say the data highlights India’s resilience and long-term potential as a global growth engine. The country has managed to sustain momentum even as several advanced economies struggle with inflationary pressures, volatile energy prices, and tightening monetary policies.

“India is firing on both cylinders — manufacturing and services — driven by consistent reforms, favourable demographics, and robust consumption,” said an economic analyst familiar with the JP Morgan report.

While India’s macroeconomic position remains strong, experts advise caution amid global uncertainties. Factors like geopolitical tensions, fluctuating crude oil prices, and external debt concerns in emerging markets could still impact the broader landscape.

Nonetheless, April’s PMI data puts India at a strategic advantage, bolstering its case as a favourable investment destination and reaffirming its position as the fastest-growing major economy in 2025.