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Financial News: India Services Growth Strongest In 6 Months On

India Services Growth Strongest In 6 Months On Strong Demand

01/04/2023 - 01:37:00 (RTTNews)

(RTTNews) - India's service sector activity expanded at the fastest pace in six months amid robust inflow of new orders and favorable market conditions, results of the purchasing managers' survey by S&P Global showed on Wednesday.

The services Purchasing Managers' Index climbed to 58.5 in December from 56.4 in November. A score above 50 indicates expansion in the sector.

New orders received by the Indian service providers rose for the seventh straight month in December. The latest pace of growth was the fastest since June, which was linked to demand strength and successful marketing initiatives.

Among sales categories, finance and insurance outperformed all other sectors.

In terms of prices, input price inflation has accelerated since November, driven by higher energy, food, and transportation costs. As a result, selling prices also increased at a faster pace at the end of the year.

Firms continued to add workforce numbers in December, but the rate of job creation was the slowest in five months.

In spite of the lowest level of optimism in three months, positive sentiment remained above its long-term average in December amid hopes of further improvements in demand and marketing plans.

The composite output index also climbed to 59.4 in December from 56.7 in the prior month. This signaled that the Indian private sector ended the year with strong performance, with manufacturers and service providers recording faster expansions in output.

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