Services PMI falls to lowest in 2 years

Growth in India's services activity, as measured by the services Purchasing Managers' Index (PMI), fell to its lowest in over two years in January due to muted demand and softer increase in sales and output, according to a release from S&P Global on Wednesday.

- Auhona Mukherjee

NEW DELHI: The seasonally adjusted HSBC India Services Business Activity Index fell from 59.3 in December last year to 56.5 last month—its lowest since November 2022.

The reading was slightly lower than the services flash PMI of 56.8 released last month.

The PMI reading remained above its long-run average and was also above the 50-mark, which indicates expansion over the previous month. The index has remained above 50 for over three years now.