Financial News: India Services Growth At 12-Year High On Strong

India Services Growth At 12-Year High On Strong Demand

03/03/2023 - 01:55:00 (RTTNews)

(RTTNews) - India's service sector activity expanded at the fastest pace in twelve years in February on the back of strong demand conditions and easing price pressures, results of the purchasing managers' survey by S&P Global showed on Friday.

The services Purchasing Managers' Index climbed to 59.4 in February from 57.2 in January. A score above 50 indicates expansion in the sector.

New orders received by Indian service providers rose further in February, and at the fastest pace in twelve years, as competitive pricing boosted sales. The consumer services segment logged the fastest gain in sales among the four monitored sub-sectors.

Cost pressures eased notably in February, with input price inflation falling to a 29-month low. The overall input price increase was largely caused by higher prices for food, materials, transportation, and wage costs. Selling price inflation also moderated to a one year low.

Employment increased for the ninth successive month in February, though marginally. The majority of firms reported no change in staff levels from January, as capacities were broadly adequate for current requirements.

"The degree of optimism recorded in February was the lowest for seven months and below the historical trend as some companies doubted demand would remain this resilient," Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said.

"Others displayed concerns surrounding fierce competition for new work."

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