Services sector growth at 13-year high in Mar
PMI services Index rose to 62 in Apr from 57.8 in March; Despite substantial uptick in new orders, hiring in the service sector increased marginally in Q1
image for illustrative purpose
Fastest Expansion Since mid 2010
- Pick-up in new business growth for 3rd mth
- Favourable market conditions
- However, input costs rose for 3 mths in a row
New Delhi: India’s services sector growth accelerated in April, as strong demand conditions resulted in the fastest increase in new business and output in close to 13 years, a monthly survey said on Wednesday.
The pick-up in demand occurred in spite of escalating price pressures. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 57.8 in March to 62.0 in April, signaling the fastest expansion in output since mid 2010, amid a pick-up in new business growth and favourable market conditions.
For the 21st straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
