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Financial News: India Service Sector Logs Strongest Growth In 10-1/2

India Service Sector Logs Strongest Growth In 10-1/2 Years

11/03/2021 - 08:01:00 (RTTNews)

(RTTNews) - India's service sector grew at the strongest rate in ten-and-a-half years in October amid robust output and new business, survey data from IHS Markit showed on Wednesday.

The services Purchasing Managers' Index rose more-than-expected to 58.4 in October from 55.2 in September.

Economists had forecast the index to rise to 55.7. A reading above 50.0 indicates expansion in the sector.

New work intakes increased at an accelerated rate in October, the strongest since July 2011.

Output price inflation was the strongest since July 2017 and input cost rose for the sixteenth straight month in October.

The pace of job creation quickened to the strongest since February last year and backlogs of works decreased for the third month in a row in October.

Business confidence for the coming 12 months increased in October.

The overall private sector economy expanded at a sharper rate as growth quickened among both manufacturers and service providers. The composite output index rose to 58.7 in October from 55.3 in the previous month.

"Companies' expenses rose notably from September, which survey participants mainly linked to higher fuel, material, retail, staff and transportation costs," Pollyanna De Lima, Economics Associate Director at IHS Markit, said.

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