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Financial News: India Services Growth Improves On Robust Demand

India Services Growth Improves On Robust Demand

04/04/2024 - 02:28:00 (RTTNews)

(RTTNews) - India's service sector activity expanded at one of the strongest paces in thirteen-and-a-half years, led by healthy demand conditions, flash survey data from S&P Global showed on Thursday.

The flash HSBC services purchasing managers' index rose to 61.2 in March from 60.6 in February. A score above 50 indicates expansion in the sector.

March saw one of the strongest expansions in total sales and business activity in close to 14 years, helped by a series-record upturn in new export orders, the survey said.

Export demand was more evident in Africa, Asia,Australia, Europe, the Americas, and the Middle East.

On the price front, input price inflation remained marked amid higher labour and material costs. As a result, the rate of selling price inflation climbed to its highest mark since July 2017.

In line with rising new business, companies raised their workforce numbers in March. The rate of job creation was the joint-fastest rise in employment since November 2022. 

The composite output index climbed to 61.8 in March from 60.6 in March, indicating the second-strongest upturn in the Indian private sector over 13-and-ahalf years.

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