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Financial News: India Services Growth Strongest In 6 Months On

India Services Growth Strongest In 6 Months On Robust Demand

02/05/2024 - 01:28:00 (RTTNews)

(RTTNews) - India's service sector expanded at the fastest pace in six months in January amid buoyant demand from domestic and external clients, survey data from S&P Global showed on Monday.

The services purchasing managers' index rose to 61.8 in January from 59.0 in December. A score above 50 indicates expansion in the sector.

New orders received by Indian service companies grew at the quickest pace in six months amid positive demand trends and new client wins.

Export orders also rose notably in January, thanks to more client demand from across the globe, including Afghanistan, Australia, Brazil, China, Europe, the UAE, and the US.

Outstanding business volumes continued to support job creation in January, with the rate of employment being the fastest in three months.

On the price front, input price inflation accelerated to a five-month high due to higher food, freight, and salary costs. Nonetheless, output prices rose to the least extent in 11 months.

The composite output index rose to 61.2 in January from 58.5 in December, indicating the sharpest upturn in the Indian private sector since mid-2023.

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