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Economic Review Projex Survey 99July 20256www.projectstoday.com2025. The Food articles (0.56 percent) increased in May 2025 as compared to April 2025.Fuel & Power index declined by 0.95 percent to 146.7 in May 2025 from 148.1 for the month of April 2025. Price of Mineral oils (-2.06 percent) decreased in May 2025 as compared to April 2025. The price of Coal (0.81 percent) and Electricity (0.80 percent) increased in May 2025 as compared to April 2025.The Manufactured Products index remained unchanged at 144.9 in May 2025. Out of the 22 NIC two-digit groups for manufactured products, 10 groups witnessed an increase in prices, 9 groups witnessed a decrease in prices, and 3 groups witnessed no change in prices. Some of the important groups that showed monthover-month increase in prices were other Manufacturing; Non-metallic mineral products; Computer, electronic and optical products; Pharmaceuticals, Medicinal chemical and Botanical products, and Textiles, etc. Some of the groups that witnessed a decrease in prices were Food products, Basic metals; Rubber and plastics products, Chemical and chemical products, and Electrical equipment, etc. in May 2025 as compared to April 2025.The Food Index consisting of %u2018Food Articles%u2019 from Primary Articles group and %u2018Food Product%u2019 from Manufactured Products group have increased from 189.3 in April 2025 to 189.5 in May 2025. The rate of inflation based on WPI Food Index decreased from 2.55 percent in April 2025 to 1.72 percent in May 2025. For January 2025, the final Wholesale Price Index and Inflation rate for %u2018All Commodities%u2019 (Base: 2011-12=100) stood at 155.0 and 2.51 percent, respectively. Final Index for the month of March 2025 for %u2018All Commodities%u2019 (Base: 2011-12=100) stood at 154.8 and 2.25 percent, respectively. PMI BUSINESS ACTIVITY INDEXManufacturing IndexIndia%u2019s manufacturing PMI reached a fourteen-month high of 58.4 in June 2025, up from 57.6 in May 2025. This indicated improvements in output and new orders, alongside a record increase in employment. Further, the external orders increased in the fastest rate in the over 20 years of survey history. The sharp increase in order inflows was supported by a substantial rise in exports. Infact, the growth of new export orders in June was the third-highest since data collection started in March 2005. Sectoral data showed faster increases in international orders in the consumer, intermediate and investment goods.Inventories of finished goods fell again, however, as businesses often had to dig into warehouses to fulfil demand growth. The downturn in stocks was marked by historical standards. Notwithstanding the upturn in demand for raw materials, vendor performance continued to improve. Moreover, average lead times were shortened to the greatest extent in five months.The outlook for the Indian manufacturing sector remained positive in June. That said, uncertainties surrounding competition, inflation and changes in consumer sentiment remained low.Services IndexThe Services PMI business activity index was up to a tenmonth high, led by a sharp rise in new domestic orders. New export orders also expanded, albeit at a softer pace. The HSBC India Services PMI Index rose from 58.8 in May 2025 to a ten-month high of 60.4 in June 2025. Output and new order intakes rose at the fastest rates since August 2024, aided by another robust expansion in international sales and job creation. Services companies benefited most from the continued strength of the domestic market, alongside a marked increase in new export business.Indian services companies noted a mild intensification of capacity pressures. Outstanding business expanded at a slight rate that was nevertheless faster than in May 2025.Optimism regarding the outlook for output levels in one year was sustained, with 18 percent of service providers forecasting growth. This proportion of upbeat firms was, however, the lowest since mid-2022. Hence, the overall level of confidence fell and was below its long-run average.Composite IndexJune 2025 data highlighted another substantial increase in Indian private sector activity. The HSBC India Composite PMI Index rose from 59.3 in May to 61.0, indicating the fastest rate of expansion in 14 months. Growth quickened at both manufacturers and service providers.