Financial News: India's Services Activity Logs Further Strong Expansion

India's Services Activity Logs Further Strong Expansion

05/06/2024 - 03:07:00 (RTTNews)

(RTTNews) - India's service sector activity continued to expand sharply in April, as growth in sales and output was among the fastest in fourteen years, flash survey data from S&P Global showed on Monday.

The flash HSBC services purchasing managers' index dropped to 60.8 in April from 61.2 in March. However, a score above 50 indicates expansion in the sector.

The latest overall upturn in output was due to favourable economic conditions, demand strength, and rising intakes of new work, the survey said.

Among the four sub-categories, the steepest growth was seen in the finance and insurance segment.

New orders rose sharply in April, well above their long-run average and among the strongest in fourteen years. The increase in new export demand was the second-fastest in the near-ten-year series history amid more client wins from several countries in Asia, Africa, Europe, the Americas, and the Middle East.

On the price front, input prices continued to increase sharply in April, though the rate of inflation has eased somewhat since March. The rate of selling price inflation softened from March's near-seven-year high and was close to its long-run trend.

Indian service companies increased their staffing numbers marginally in April as payroll numbers were sufficient for current requirements.

Looking ahead, confidence among service providers towards the year-ahead outlook for business activity improved to a three-month high amid hopes that demand conditions will remain favourable on the back of marketing efforts and efficiency gains, alongside plans to price competition. .

The composite output index stood at 61.5 in April versus 61.8 in March, indicating that the Indian private sector expanded, one of the highest seen in close to fourteen years.

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