By Admin 
India services PMI: India’s service sector has demonstrated a record -breaking demonstration in August and its speed has reached a 15 -year highest level. This bounce was mainly possible due to a rapid increase in new orders and production. The HSBC India Services Purchasing Manager Index (PMI) data released in a private survey conducted by S&P Global.
According to the report, seasonally adjusted HSBC India Seva PMI rose from 60.5 in July to 62.9 in August. This is the fastest speed of expansion since June 2010. The survey states that significant improvement in demand and strengthening of new orders brought out the activities of services to a high level of 15 years.
Strength in demand and order
More than 50 points on the scale of PMI means that business activities are expanding, while less than 50 points indicate contractions. Reaching PMI 62.9 in August shows that the service sector is expanding very fast.
According to HSBC India Chief Economist Pranjul Bhandari, “The growth rate of services is at a 15 -year high and the increase in the new order has strengthened it.” However, he also added that the inflation rate on the price front has reached a 9 -month high, due to which inflation also remains pressure.
Composite PMI jump
Meanwhile, the joint index of both services and manufacturing composite PMI also increased from 61.1 in July to 63.2 in August. This is the fastest growth of 17 years. This means that not only services but also the manufacturing sector in India is performing strong and the two together are taking overall economic activities to a new height.
The index has been prepared by S&P Global on the basis of survey of about 400 service sector companies and is given weightage in the ratio of India’s GDP (GDP).
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