Service activity rises to a 13-year high in July

New Delhi, Jan 5 (PTI) The services sector growth in India rose to a three-month high in December supported by favourable economic conditions and positive demand trends, a monthly survey said on Friday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 56.9 in November to 59 in December, highlighting a sharp […]

India Business News: India's services sector growth slowed in March after reaching a 12-year high in February, according to a monthly survey by S&P Global. The survey foun

Across the four sub-sectors monitored by S&P Global—consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services—consumer services registered the strongest increases in intakes of new work, business activity, employment and input costs, the release stated. The rate of job creation for the services industry as a whole was the joint-fastest in six months.

S&P Global Ratings predicts that India will remain the fastest-growing major economy in the next three years, with a growth rate of 6.7%. The report projected a recovery for India's economy with a growth rate of 6% for the current fiscal year, with further growth expected to reach 6.9% in FY25 and FY26.

India Business News: ​The S&P Global India services Purchasing Managers' Index surged to 62.0, surpassing all expectations in a Reuters poll that had predicted a drop to 5

The demand strength in India's services sector promoted the fastest increases in new business and output in close to 13 years, a private survey showed on Wednesday. Along with robust domestic demand, international demand was strong as the sub-index rose to a four-month peak and business optimism hit its highest since December. The input prices index was at a three-month high from a 2-1/2-year low in March and firms raised their charges at the fastest pace this year. The prices charged index rose to 53.5 from 52.4.

India’s services sector recorded its highest uptick in new business and output levels since June 2010 this April, led by a strong upturn in the Finance and Insurance segment, as per the seasonally adjusted S&P Global India Services PMI® Business Activity Index

S&P Global Ratings said in its quarterly economic update for Asia-Pacific that the medium-term growth outlook remains relatively solid.

The Reserve Bank of India (RBI) has stated that the Indian economy is performing well, despite global economic turbulence. The RBI has maintained its growth forecast at 6.5% and inflation projection at 5.4% for the fiscal year. The governor of the RBI, Shaktikanta Das, highlighted the resilience of domestic economic activity and cautioned against complacency. He also mentioned the importance of lessons learned from past economic crises.

The seasonally adjusted S&P Global India Services Business Activity Index fell from 58.4 in October to a one-year low of 56.9 in November. Despite witnessing a month-on-month decline, the rate of expansion was stronger than its long-run average.