India's economic calendar this week will focus on employment, infrastructure activity, business growth and the country's external financial position. According to reports from Business Standard, the key data releases include the unemployment rate for July, infrastructure output data, HSBC Manufacturing and Services PMI figures, and foreign exchange reserves. These comprehensive economic indicators will provide insights into the country's labor market conditions, industrial momentum, and external sector strength.
India's unemployment rate data for July will be released on August 17. As reported by Business Standard, India's unemployment rate remained unchanged at 5.5 per cent in June, though figures showed notable differences between gender and geographical segments. The unemployment rate among women increased to 5.9 per cent in June from 5.6 per cent in May, while for men, the rate eased to 5.3 per cent from 5.4 per cent. Rural unemployment declined slightly to 5 per cent in June from 5.1 per cent a month earlier, but urban unemployment increased to 6.6 per cent from 6.4 per cent.
Infrastructure output data will be released on August 20 and will offer an update on activity across the country's core sectors. According to Business Standard, growth in India's nine core sectors rose to a five-month high of 5 per cent in June from 3.2 per cent in May. The June data was the first release under a revamped Index of Core Industries (ICI), which uses 2022-23 as the base year. Iron ore emerged as the biggest driver of growth, with output rising 43.9 per cent in June, while electricity and coal also recorded strong growth to help offset weakness in petroleum-related sectors.
The HSBC Manufacturing and Services PMI Flash data will be released on August 21. As reported by Business Standard, India's manufacturing PMI fell to 53.5 in July from 54.2 in June, marking the lowest level since August 2021, though it remained above the 50 mark that separates expansion from contraction. Services activity also slowed sharply, with the HSBC India Services PMI falling to 53.3 in July from 57.4 in June, marking its lowest level since February 2022. New business growth in the services sector also weakened, pointing to softer demand across much of the sector.
Foreign exchange reserves data will also be released on August 21. According to Business Standard, India's forex reserves rose sharply by $14.136 billion to $707.002 billion in the week ended August 7. Foreign currency assets, the largest component of the reserves, increased by $9.946 billion to $574.625 billion during the week. Gold reserves also rose by $3.995 billion to $108.738 billion, while Special Drawing Rights increased by $79 million to $18.745 billion.
