Financial News: India Services Growth Remains Robust In July

India Services Growth Remains Robust In July

08/05/2024 - 03:00:00 (RTTNews)

(RTTNews) - India's service sector continued to expand strongly in July amid favourable demand conditions, the latest survey data from S&P Global showed on Monday.

The seasonally adjusted HSBC services purchasing managers' index dropped slightly to 60.3 in July from 60.5 in June. However, a score above 50 indicates expansion in the sector. The flash score was 61.1.

The rise in overall output was attributed to a sharp growth in new orders on the back of buoyant demand, tech investment, and a growing online presence. Similarly, export orders grew at an accelerated pace, led by higher demand from Austria, Brazil, China, Japan, Singapore, the Netherlands, and the US.

On the price front, cost pressures remained sharp in July due to increased labour costs and rising raw material costs. As a result, firms raised their selling prices at the steepest pace in seven years.

Indian service providers remained optimistic about growth expectations over the next twelve months as confidence in the outlook for demand and sales, along with improved customer engagement and new enquiries, boosted optimism.

Favourable economic conditions and optimistic expectations for output supported recruitment among service firms. Moreover, the rate of job creation was among the strongest in close to two years.

The composite output index came in at 60.7 in July versus 60.9 in June, indicating a continuation of the strong growth momentum in the Indian private sector, largely on the back of the manufacturing industry.

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