Services PMI revives to 58.5 in October from September’s 10-month low on demand expansion
06-Nov-2024
India’s services sector picked up last month after dropping to a 10-month low in September, with HSBC India Services Business Activity Index, or services PMI for October at 58.5 amid a marked expansion in demand, data released by S&P Global showed. According to several panel members, the increase in output is attributed to a healthy customer demand domestically and from abroad. In response to positive sales developments, and optimism regarding near-term prospects, firms recruited extra workers to the greatest degree in just over two years, it said.
Pranjul Bhandari, Chief India Economist at HSBC, said, “India’s services PMI recovered from its ten-month low in September to reach 58.5 last month. During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high.”
News Source:- https://www.financialexpress.com/policy/economy-services-pmi-revives-to-58-5-in-october-from-septembers-10-month-low-on-demand-expansion-3657745/
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