October biz activity accelerates, driven by strong manufacturing demand
HSBC Flash India Composite PMI output index rose in October as the manufacturing industry regained growth momentum
HSBC Flash India Composite PMI output index rose in October as the manufacturing industry regained growth momentum
This suggests a shift in the trend growth rate post-pandemic, driven by domestic factors, write RBI economists
The HSBC India Services Business Activity Index fell from 60.8 in April to 60.2 in May, its lowest mark since last December.
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