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.
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