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Services growth quickens, pulling up composite PMI
Mint Mumbai
|October 06, 2023
India's services PMI has held firm in the expansion zone every month since August 2021
India's services sector growth accelerated further in September on the back of strengthening demand while positive sentiment soared to a nine-year high over hopes of more buoyant demand in the year ahead, a private survey said.
The S&P Global India services Purchasing Managers' Index (PMI) stood at 61 in September, up from 60.1 in August. The figure stood at 62.3 in July, 58.5 in June and 61.2 in May.
A Reuters poll of economists had forecast the services PMI to dip to 59.5 in September. A reading of 50 separates expansion from contraction.
Services PMI has held firm in the expansion zone every month since August 2021, its longest such stretch since August 2011.
The acceleration in its service sector can help India maintain a strong growth momentum amid a global slowdown and falling manufacturing activity. Manufacturing PMI for September grew at the slowest pace in five months at 57.5 after a softening of new factory orders.
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