November 05, 2024 20:12 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
India's services PMI rises to 61 in September, signals strong momentum
PMI
Image Credit: UNI

India's services PMI rises to 61 in September, signals strong momentum

| @indiablooms | 05 Oct 2023, 12:59 pm

New Delhi/UNI: India's services sector activities continued to be strong in the month of September 2023 driven primarily by robust domestic demand and an upturn in demand from overseas clients.

According to a S & P Global survey published on Thursday, India's purchasing managers’ index (PMI) rose to 61.0 in September from 60.1 in August.

"The latest PMI results brought more positive news for India's service economy, with September seeing business activity and new work intakes rising to one of the greatest extents in over 13 years.

"Besides demand strength domestically, firms noted higher international sales to Asia, Europe and North America," said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.

The services sector which contributes over 50% to India's gross domestic product (GDP) has been one the key growth drivers of the economy.

The latest S&P Global survey said that service sector growth in India strengthened in September, as a positive demand environment boosted intakes of new business and output volumes.

"With workloads rising and capacities experiencing mild pressure, job numbers continued to increase at a historically high rate. Services firms retained positive expectations for activity, with sentiment improving to its highest level in over nine years," the survey said.

The S&P Global India Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services.

The latest survey data showed a substantial increase in new business placed with Indian service providers during September this year, one that was the second-fastest since June 2010. Anecdotal evidence indicated that market dynamics remained favourable, supporting demand. Advertising was also cited as a key factor boosting sales.

"Buoyant demand for Indian goods and services underpinned the second-sharpest increase in aggregate new business for over 13 years in September.

"Both the manufacturing and service economies recorded substantial expansions, but a slowdown in the former compared with an acceleration in the latter," S&P Global said.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.