PMI April: Services sector activity in India reached a 14-year high in April on the back of favorable economic conditions and strong demand. This information has been given in a monthly survey. The seasonally adjusted HSBC India Bharat Services PMI business activity index fell to 60.8 in April from 61.2 in March. Earlier, Manufacturing PMI data for the month of April was released, in which PMI stood at 58.8 points.
PMI above 50
In the language of Purchasing Managers’ Index (PMI), a score above 50 means expansion in activities and a score below 50 means contraction. HSBC Chief Economist (India) Pranjul Bhandari said India’s services activity grew at a slightly slower pace in April, supported by new contracts and growth with notable strength in domestic demand.
Getting support from global markets
In addition to the pickup in domestic demand, the companies also noted new business gains from several parts of the world that collectively powered the second-fastest growth in international sales since the series began in September 2014. Meanwhile, the HSBC India Composite PMI Output Index stood at 61.5 in April from 61.8 in March. This marks the second strongest surge in 14 years.
Bhandari further said that in terms of overall activity, total output in both manufacturing and services sectors grew significantly in April albeit at a slightly slower pace, indicating continued improvement in these sectors.
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