Mar services PMI eases as global orders cool

Services sector growth in India slowed in March as sales and business activity softened, while international orders saw the weakest expansion in 15 months, a private survey released on Friday showed.

- Rhik Kundu

NEW DELHI:

The seasonally adjusted HSBC India Services Purchasing Managers' Index, compiled by S&P Global, fell to 58.5 in March from 59 in February. It was 56.5 in January. The index was well above the 50-mark, separating growth from contraction. The index was at 59.3 in December, 58.4 in November, 58.5 in October and 57.7 in September.

March witnessed the slowest increase in external orders since December 2023. However, cost pressures receded to a five-month low, which, coupled with competitive conditions, curbed charge inflation, it said, adding prices charged for the provision of services rose at the weakest rate since September 2021.