Service sector growth broke 13 year record

Service sector growth broke 13 year record

PMI Service: Indian economy is standing strongly amidst geo-political tension and global economic environment. Meanwhile, now another big good news is coming for the country. It is being told that on the basis of strong demand, the growth of the country’s service sector has reached the highest level in 13 years. The seasonally adjusted HSBC India Bharat Services PMI business activity index reached 61.2 in March. It was at 60.6 in February. In the language of Purchasing Managers’ Index (PMI), a score above 50 means expansion in activities and a score below 50 means contraction. HSBC India Service PMI has been prepared by S&P Global on the basis of responses to the questions sent to about 400 companies in the survey services sector.

A slight decline was seen in February

HSBC economist Ines Lam said India’s services PMI rose in March after a slight decline in February, as sales and business activity picked up on strong demand. Service providers to increase production capacity at the fastest pace since August 2023 Appointments have increased at a rapid pace. The survey said the latest increase in employment was the 22nd in as many months and the joint-strongest since November 2022. Meanwhile, the HSBC India Composite PMI Output Index rose to 61.8 in March from 60.6 in February. This represents the second strongest surge in 13 and a half years.

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Boom in manufacturing

Let us tell you that earlier there was a rise in the manufacturing PMI data on monthly basis. In the data for the month of March, which came in the first week of April, the Manufacturing PMI stood at the level of 59.1, which has been the highest level in 16 years. Whereas, in February the manufacturing PMI was at the level of 56.9.

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