India's services PMI softens in April
Notably, the expansion in total sales and output were the fastest in 14 years.
Notably, the expansion in total sales and output were the fastest in 14 years.
The PMI rose to 62.2 in April as against 61.8 in March, thus indicating the fastest rate of increase in aggregate business activity since mid-2010.
The final HSBC India Services Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 61.2 last month, surpassing February's 60.6 reading.
February data highlights a notable upturn in demand across the service sector, with inflows of new business expanding for the thirty-first month running.
As per the survey, new orders across the domestic private sector rose for the 31st successive month.
India's service sector lost further growth momentum midway through the third quarter.
Ratings agency maintains FY24 GDP growth estimates at 6%, lower than MPC’s projection of 6.5% for the fiscal
Despite the substantial uptick in new orders, staff levels in the service sector increased only marginally in April.
According to the report, close to 64% of employers in the services and manufacturing sector are keen to increase their resource pool across industries in the April to June period of FY23-24.
Merger deals in the financial year 2021-22 hit the lowest level in 8 years.