Mumbai, Nov 7: India’s services activities accelerated in October this year on the back of healthy customer demand domestically and from abroad, as per a private survey released on Wednesday.The HSBC India services Purchasing Managers’ Index (PMI) rose to 58.5 in October this year from 57.5 in September, driven by sharper expansions in output and new business.
While a PMI reading above 50 means expansion, the print below 50 shows contraction.
As per HSBC India services PMI, compiled by S&P Global, Indian service providers maintained a strong rate of output expansion in October, with growth recovering from September’s ten-month low.
India’s services PMI recovered from its ten-month low in September to reach 58.5 last month. During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high,” said Pranjul Bhandari, Chief India Economist at HSBC.