India’s services sector PMI up 55.1 in October
India’s services industry continued its growth in October as its Purchasing Managers’ Index (PMI) edged up to 55.1 despite inflationary pressures in the country.
According to a poll by finance and insurance company S&P Global, this growth was mainly underpinned by a robust domestic demand for third-party services.
S&P Global Economics Associate Director Pollyanna De Lima said that the latest results show that India’s service providers had no trouble securing new work in October, despite lifting their charges again.
“Hence, the sector remained firmly inside expansion territory as business activity and payroll numbers were raised to support strengthening demand,” she stated.
The survey also noted that job creation in the services sector ticked up and business expectations were at an almost eight-year high.
De Lima added, “Optimism towards a more positive environment boosted job creation in October, as service providers sought to adjust capacities to accommodate for expected increases in new work. Sentiment towards the year-ahead outlook for business activity improved to the highest in close to eight years.”
Meanwhile, the overall S&P Global India Composite PMI Output Index rose to 55.5 from 55.1 in September as activity in both manufacturing and services remained strong.
