Services PMI at 15-year high on robust demand

INDIA'S SERVICES ECONOMY registered its sharpest growth in 15 years with HSBC India Services PMI jumping to 62.9 in August as compared to 60.5 a month ago.

- MANU KAUSHIK

The increase in PMI has been led by the substantial improvement in demand, which pushed the growth of new orders.

At the same time, the rise in international sales was third-strongest since the series started in September 2014.

Aiding the rise in total sales was a pick-up in growth of new export orders.

Panel members signaled greater demand from clients in Asia, Europe, West Asia and the US, as per PMI.

Pranjul Bhandari, chief India economist at HSBC said that the broad-based expansion in international sales bolstered overall demand, which prompted Indian services firms to hire additional workers.