India’s business activity picked up in October, with the HSBC Flash India Composite Output Index rising to 58.6 from a 10-month low of 58.3 in the previous month, preliminary data released on October 24 shows.

High frequency data has indicated a subdued second quarter, with manufacturing and services activity faltering. However, the central bank and international organisations have retained India’s growth forecast for the year.

The Reserve Bank of India in its October policy kept growth outlook for FY25 unchanged at 7.2 percent. The International Monetary Fund, too, retained its forecast of 7 percent.

As per RBI, economic activity is likely to spring back up in the last two quarters of the current financial year, with growth averaging 7.4 percent.

(This is a developing story, please check back for updates)