State Bank Of India

State Bank of India (SBI), the nation’s biggest lender, has launched ‘SBI Composite Index’, a tool that will primarily track manufacturing activity to offer forward-looking economic trends. The Index will analyze data from both manufacturing and services industries to determine expansion or contraction in the economy. The SBI Composite Index rivals the existing data point from British lender HSBC.

The bank has created two indices - the SBI Monthly Composite Index and the SBI Yearly Composite Index. Both fulfill complementary purposes such as month-on-month sentiment movement and year-on-year growth forecast, respectively.

Markers at present depend on HSBC India Purchasing Managers' Index (PMI) and HSBC India Services Business Activity Index to get clues about economic trends.