IANS | 06 Feb, 2024
Growth in India’s services sector rose to a 6-month high in January
on the back of a higher demand and better outlook ahead, according to an
HSBC report released on Monday.
The HSBC India Services PMI was
recorded at 61.8 in January, up from 59 in December. It is the highest
since July 2023 when the PMI was 62.3. This is the 30th consecutive
month of expansion in the services sector.
"India's services PMI
rose to a six-month high in January. New business expanded at a faster
pace and managers' expectation for future activity was strong," said
Ines Lam, economist at HSBC.
Indian service providers received new
business orders at a brisk pace which fuelled sales during the month,
according to the report.
The data also showed an increase in
services export orders with the leading customers being Australia,
Brazil, China, Europe, the UAE and the US.
"The new export business index accelerated, signalling that India's services exports remained robust," Lam said.
The report further stated that the number of jobs created in January increased to a three-month high.
