India's services sector sees strongest growth of five months in August

India's services sector demonstrated robust growth in August, with the HSBC India Services Business Activity Index rising to 60.9, marking its strongest expansion since March.

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According to HSBC, this index, which has now remained in expansion territory for thirty-seven consecutive months, reflects the ongoing momentum in the sector, underpinned by productivity gains and positive demand trends.

The August reading of 60.9, up from 60.3 in July, is above the long-run average, indicating a strong and resilient services economy.

Pranjul Bhandari, Chief India Economist at HSBC, commented on the findings, stating, "The Composite PMI for India continued to show strong growth in August, driven by accelerated business activity in the service sector, which experienced its fastest expansion since March.