NEW DELHI: India’s services sector activity eased in August but growth rates for new orders remained elevated, as services firms indicated the sharpest upturn in new export business which acted as a catalyst for firms to expand their workforces as well as output, a monthly survey said on Tuesday.
Despite falling from 62.3 in July to 60.1 in August, the seasonally adjusted S&P Global India Services PMI Business Activity Index indicated one of the strongest increases in output since mid-2010.
For the 25th 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.
“Indian services companies achieved a remarkable milestone in August, as they welcomed a series record surge in new export business. Several regions contributed to the upturn, including Asia Pacific, Europe, North America, and the Middle East,” Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said.
Lima noted that this spike in international demand supported one of the best sales performances recorded over the past 13 years.
Despite falling from 62.3 in July to 60.1 in August, the seasonally adjusted S&P Global India Services PMI Business Activity Index indicated one of the strongest increases in output since mid-2010.
For the 25th 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.
“Indian services companies achieved a remarkable milestone in August, as they welcomed a series record surge in new export business. Several regions contributed to the upturn, including Asia Pacific, Europe, North America, and the Middle East,” Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said.
Lima noted that this spike in international demand supported one of the best sales performances recorded over the past 13 years.