Services sector in India recorded a robust performance and the output rose at the second-quickest pace since July 2010, according to S&P Global India Services PMI released on Monday.
The index, which mainly covers larger businesses and state-owned companies, was at its lowest level since December, CNN Business reported. Beijing scrapped most of its pandemic restrictions early that month, effectively ending its three-year-long zero-Covid policy.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index grew to 57.2 in April from 56.4 in March. It indicated the fastest improvement in the health of the sector in the year-to-date (calendar).
Favourable demand for services continued to underpin the increase in new business and output at the start of the third quarter of the current financial year.
China National Statistics Bureau data says the business volume of industries such as retail, aviation, transportation, hospitality and catering dropped in October.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was up from 55.1 in September to 55.3 in October, above its long-run average (53.7) and indicating a stronger improvement in the health of the sector.
New Delhi [India], September 5 (ANI): Services sector activity in India improved in August as the S&P Global India Services Purchasing Managers' Index (PMI) showed growth in comparison to the previous month. The index rose from a four-month low.
New Delhi [India], September 1 (ANI): A sustained improvement in demand boosted new orders for Indian manufacturers during August, which pushed manufacturing output growth to a nine-month high, a monthly survey showed.
New Delhi [India], August 3 (ANI): Services activity in India decreased in the month of July as the S&P Global India Services Purchasing Managers' Index (PMI) showed degrowth in comparison to the previous month, thereby hitting a four-month low.
New Delhi [India], August 1 (ANI): India's manufacturing sector activity gained momentum in July to hit an eight-month high driven by marked gains in growth of new business and output, a monthly survey showed.