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Financial News: India Service Sector Continues To Log Robust Growth

India Service Sector Continues To Log Robust Growth

01/05/2022 - 02:32:00 (RTTNews)

(RTTNews) - India's service sector continued to log robust growth in December despite a slight slowdown from November, survey results from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index fell to a three-month low of 55.5 from 58.1 in the previous month. Nonetheless, a score above 50.0 indicates expansion in the sector. The upturn was often associated with improving market conditions and accommodative demand. Despite robust gains in new work in recent months, companies were able to stay on top of workloads and as a consequence reduced headcounts at the end of 2021.

Business confidence rose to a four-month high but remained subdued as several firms were concerned about price pressures and the possibility of new waves of COVID-19.

The survey showed that rates of input cost and output charge inflation eased in December.

Further, the survey showed that the composite output index slipped to 56.4 from 59.2 in November, but remained above its long-run average of 53.9. Both manufacturing production and services activity rose at slower, albeit historically strong, rates.

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