India's services sector growth hits three-month high: PMI survey
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓India's service economy grew at its fastest pace in three months in September, a private survey showed on Tuesday.
- ✓The HSBC India Services PMI rose to 55.2 from 54.1 in August.
- ✓Strong domestic demand for digital and financial services helped, though export growth slowed to its weakest in three years.
Story at a Glance
- Category
- BUSINESS
- Reported By
- mint
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
India's service economy grew at its fastest pace in three months in September, driven by domestic demand and a rise in new business inflows, a private survey showed on Tuesday.
The seasonally adjusted HSBC India Services Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 55.2 in September from 54.1 in August. A reading above 50 indicates expansion.
Despite the uptick, growth across the quarter remained the weakest since March 2022.
Companies reported improving sales performance following increased demand in digital solutions, food, insurance, loans, software, transportation, tours and travel, the survey said.
Finance, insurance, and consumer services recorded the strongest expansions in both activity and sales.
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