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Services sector growth at 13-year high in Mar

PMI services Index rose to 62 in Apr from 57.8 in March; Despite substantial uptick in new orders, hiring in the service sector increased marginally in Q1

Services sector growth at 13-year high in Mar

Services sector growth at 13-year high in Mar 

Fastest Expansion Since mid 2010

- Pick-up in new business growth for 3rd mth

- Favourable market conditions

- However, input costs rose for 3 mths in a row

New Delhi: India’s services sector growth accelerated in April, as strong demand conditions resulted in the fastest increase in new business and output in close to 13 years, a monthly survey said on Wednesday.

The pick-up in demand occurred in spite of escalating price pressures. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 57.8 in March to 62.0 in April, signaling the fastest expansion in output since mid 2010, amid a pick-up in new business growth and favourable market conditions.

For the 21st straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.

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