India services PMI falls marginally but overall remains robust
Sep 05, 2023
New Delhi [India], September 5 : India's service economy output, as measured by the S&P Global India Services Purchasing Managers’ Index (PMI), fell from 62.3 in July to 60.1 in August. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase, and below 50 an overall decrease.
According to S&P Global's India Manufacturing Purchasing Managers' Index report, growth in total sales waned but remained among the best in 13 years.
Total new business increased for the twenty-fifth month in a row during August. Advertising and robust demand for services were among the reasons listed for growth.
“(Export business in) several regions contributed to the upturn, including Asia Pacific, Europe, North America and the Middle East,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.
“Demand strength also fostered a heightened sense of optimism regarding the outlook, boding well for economic growth prospects,” Pollyanna De Lima added.
Meanwhile, India's manufacturing sector growth gained momentum in August PMI posting 58.6 as compared to 57.7 in July.
According to S&P Global's India Manufacturing Purchasing Managers' Index report released on Friday, new orders in and manufacturing output increased at the quickest rates in nearly three years during the month of August.
