SBI Composite Index increases to 53.9 year-on-year in September

23 Sep 2015 Evaluate

Presenting a mixed trend the SBI Composite Index, showing country's manufacturing sector growth, improved in September on yearly basis, while its monthly index showed a sharp decline. The yearly SBI Composite Index for September 2015 was at a four month high at 53.9 as compared to last month index of 53.4. However, the Monthly Index declined to 48.4 in September from 53.1 in August. SBI report said index growth is expected to be 7.8 per cent year-on-year and -3.2 per cent month-on-month.

The SBI research report though pointed that mining and electricity are still acting as a drag on the economic activity and the upturn has majorly been driven by manufacturing. The pickup in economic momentum was supported by positive trends in capital goods sector. As per the report positive developments have been seen as the credit growth in some industries like drugs & pharmaceuticals, petrochemicals, basic metals, iron & steel, and the power sector. IIP is also driven majorly by manufacturing (particularly capital goods) as revealed by higher ex-mining and ex-electricity growth.

The SBI research report further stated that it is positive momentum for the road sector to come over the next 18 months or so. The government plans to develop a total of 66,117 km of roads under different programmes, such as the National Highways Development Project (NHDP), Special Accelerated Road Development Programme in North-East (SARDP-NE) and Left Wing Extremism (LWE), and has set an objective of building 30 km of road a day from 2016.

SBI based on its internal loan portfolio and data available in the public domain, has developed a conservative yet forward-looking economic indicator - the SBI Composite Index - for tracking manufacturing activity in the country and aims to forecast the periods of contraction and expansion. The SBI Composite Index captures two components of the manufacturing cycle namely month-on-month and year-on-year growth on a scale of 0 to 100. An index value of 42 to 46 means moderate decline, 46 to 50 low decline, 50 to 52 low growth, while 52 to 55 means moderate growth and above 55 high growth.

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