Services sector activity has shown a sharp recovery in May and has grown at the strongest rate in 11 years, even amid rising price pressures. Even though input cost inflation has hit a record high, the sector's PMI index has risen from 57.9 in April to 58.9 in May, driven by increased demand and strong growth in new jobs, a monthly survey said on Friday. Gone.
Economist Pollyanna De Lima, Associate Director in the S&P Global India Services report, said the reopening of the Indian economy continued to support growth in the services sector. Business activity grew at the fastest pace in May in 11 years since July 2011, supported by the sharpest increase in new orders. Significantly, for the tenth consecutive month, there has been an increase in the activities of the services sector. In Purchasing Managers Index (PMI) parlance, a reading above 50 indicates expansion, while a reading below 50 indicates contraction.
The survey said the burden in the services sector has also increased at a faster rate amid rising input costs. Despite remaining optimistic about the 12-month outlook for business activity, S&P Global remains concerned that inflationary pressures could stifle the economic recovery. Meanwhile, the S&P Global India Composite PMI Output Index, which measures combined services and manufacturing output, rose from 57.6 in April to 58.3 in May, pointing to the fastest expansion rate since last November.
Also Read: Yes Bank Scam: CBI brought to Delhi for questioning builder Bhosale, action in Yes Bank scam case
Delhi Liquor Policy: Hearing today on the petition demanding regular testing of Kejriwal's sugar level, ED gave this answer
Delhi Chief Minister Arvind Kejriwal's plea to get his sugar level checked regularly and consult his regular doctor through video conference will be heard today. Earlier on Thursday, the
Pakistan: Polio cases increasing continuously in Pakistan, a campaign started again
A new nationwide anti-polio campaign was launched in Pakistan on Monday. This campaign has been started because of the rapidly increasing cases of polio among children. Health officials gave
'Modi Ji is the king and there is police rule in India', arrests Rahul Gandhi attacks the Center
Congress leader Rahul Gandhi was detained by Delhi Police on Tuesday. Rahul along with other Congress leaders was protesting against the ED. ED has summoned Sonia Gandhi in the alleged money
The cold will increase in ten states from November 6: Chills will be felt even during the day; The temperature will drop due to the western disturbance
With the passing of October, the weather is also going to change. Cold winter is expected in 10 states of the country. Along with Punjab, Haryana, Delhi, Uttar Pradesh, Rajasthan, Gujarat, Madhya
When the bowler himself gets confused: Russo was not LBW in Arshdeep's eyes, Rohit decided to DRS and got the wicket
The India-South Africa match is going on in the Super-12 stage of the T20 World Cup. Batting first, India scored 133 runs. Arshdeep Singh gave 2 big blows in the second over to the South Africa team
Recession: Rajiv Kumar said - there is no possibility of a recession in the country, and the economy will grow at the rate of six-seven percent in 2023-24
Amid growing apprehensions of the world going into recession, former Vice Chairman of NITI Aayog Rajiv Kumar has given a big statement. He said that it will not have any effect in India. The Indian
PM Modi: 'Pakistan knows it cannot win a direct war, that is why it is sending terrorists', PM Modi exposed the neighbor
Today is the second day of Prime Minister Narendra Modi's Gujarat visit. He inaugurated and laid the foundation stone of various development projects worth Rs 5,536 crore at Mahatma Mandir in
Attack on Trump: Biden orders independent review of security; Appeals to avoid speculation on motive of crime
In the case of the deadly attack on former President Donald Trump in Pennsylvania, US President Joe Biden said that the investigation of the attack on Trump has been directed to be done 'thoroughly
RBI MPC: The Reserve Bank gave a shock by reducing this year's GDP growth estimate, giving this reason
The Reserve Bank has reduced the GDP estimate for the financial year 2024-25 and this is a surprising step. This change regarding the economic growth rate of the country can also become a cause of
Stampede in Khatushyam, death of 3 women: People were in line since night for darshan, a stampede broke out as soon as the doors opened on Ekadashi
A stampede broke out at Khatushyam temple in Sikar, Rajasthan on Monday morning. 3 women died in the accident. 4 people have been injured.
