Services sector: Activities at a three-month high, Global India Services Business Activity Index reaches 56.4

Posted on 6th Dec 2022 04:36 pm by rohit kumar

Services sector activity in India rose to a three-month high in November on strong demand. The S&P Global India Services PMI business activity index rose to 56.4. It was 55.1 in October. The Services PMI is above 50 for the 16th consecutive month.

 

 

A PMI above 50 indicates expansion and a reading below it indicates contraction. Indian service providers continued to benefit from strong domestic demand, with a sharp increase in new business and production, said Pauliana de Lima, joint director of economics at S&P Global Market Intelligence. The growth rate is at a three-month high despite higher operating expenses. The fresh demand remains due to successful marketing and steady growth in sales, said, survey participants. Lima said employment has grown at a solid pace. Its pace has been the fastest in three years in November. The Composite PMI Manufacturing Index of S&P Global India stood at 56.7.

 

Also Read: SBI Ecowrap Report: India has the lowest inflation compared to developed countries, better management

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