India's services activity recorded fastest growth
As per PMI data, India's dominant services sector continued its robust performance as total sales rose at the quickest pace since June 2010.
Even the India services purchasing managers' index of S&P Global has gone up to 62.3 in July from June's 58.5.
While India's manufacturing sector PMI dived to 57.7 in July, robust services activity motivated the overall S&P Global India Composite PMI Output Index to a 13-year high of 61.9.
The resilience of the service sector emphasis its vital role in fuelling India's economy.
There is a strong demand remaining. While the new business sub-index demonstrated demand had risen since August 2021, the pace of growth was the highest since June 2010.
At the International level, the demand over international level also gathered steam and rising significantly in July. That strong demand is the second-strongest since the series started in September 2014.
Key sources of growth:
There are some countries such as Bangladesh, Nepal, Sri Lanka and the UAE which are key sources of growth.
Since the month of June 2022 the operating costs got up at the fastest pace since June 2022 and firms went on some of that burden to customers.
In view of the recent months' PMI price indices, it looks that competitive advantage continued to support demand for Indian services.
But the future activity sub-index has slipped from June's six-month high over concerns surrounding extreme weather with the year-ahead outlook remained strong.
Question & Answer:
Q1. India's services sector growth registered at how much amount in July 2023?
Ans. 62.3
Q2. India's services sector for July 2023 broke the record how last how many years?
Ans. 13 years
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