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Financial News: India Service Sector Expands Most Since 2011

India Service Sector Expands Most Since 2011

06/03/2022 - 01:55:00 (RTTNews)

(RTTNews) - India's service sector grew at the fastest pace in more than 11 years in May, underpinned by a strong growth in demand following the reopening of the economy after the COVID-19 lockdowns, survey results from S& P Global showed on Friday.

The services Purchasing Managers' Index rose to 58.9 in May from 57.9 in April, while the reading was forecast to fall to 57.5.

Any score above 50.0 indicates expansion. Moreover, the lastet level was the highest since April 2011.

The survey showed that new business increased at the quickest pace since July 2011.

Outstanding business among services firms grew at the fastest pace in a year. Still, service providers refrained from taking on additional workers in May.

Input price inflation advanced to the highest in 16-and-a-half years of data collection due to greater food, fuel, labor, material and transportation costs.

Firms, in turn, transferred rising cost burdens to customers via raising selling prices. The overall rate of charge inflation was the second-highest in close to five years.

Despite remaining optimistic towards the 12-month outlook for business activity, firms remained concerned that inflationary pressures would dampen the economic recovery.

Rising from 57.6 in April to 58.3 in May, the S&P Global composite output index pointed to the fastest rate of expansion in the private sector since last November, the survey showed.

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