Services biz growth hits 13-year high
S&P Global India Services PMI rises to 61 in Sept from 60.1 in Aug; Services charges up at softer rate as cost pressures receded to 18-mth low
The latest PMI results brought more positive news for India’s service economy, with September seeing business activity and new work intakes rising to one of the greatest extent in over 13 years, said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence
Buoyant Biz Mood
♦ Strong demand conditions
♦ Job numbers continued to rise
♦ Overseas demand picking up
♦ Demand outlook positive for 2024 also
New Delhi: The services sector growth in India rose to a 13-year high in September on sharp increase in new business amid strong demand conditions, and job numbers continued to increase as overall business mood improved, a monthly survey said on Thursday.
The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 60.1 in August to 61 in September, signalling a sharp upturn in output. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies. The latest data showed a substantial increase in new business placed with Indian service providers, one that was the second-fastest since June 2010. Besides the rise in total sales, firms noted an upturn in demand from abroad, particularly from clients based in Asia, Europe and North America.
“The latest PMI results brought more positive news for India’s service economy, with September seeing business activity and new work intakes rising to one of the greatest extent in over 13 years,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.
According to the survey, confidence in the outlook improved, with survey members forecasting healthy market dynamics and buoyant demand for the year ahead.
