Services sector picks up in April on new orders
new delhi, May 7 -- Growth in India's services activity, as measured by the Services Purchasing Manager's Index (PMI), rose marginally in April on the back of new orders both in the domestic and international markets, according to a release from S&P Global on Tuesday. The seasonally adjusted HSBC India Services Business Activity Index came in at 58.7, up from 58.5 in March. To be sure, the PMI services reading was lower than the services flash PMI of 59.1, released last month.
The reading , however, remained above its long-run average of 54.2 and was above the 50-mark, which indicates expansion over the previous month.
The index has remained above 50 for over three years now.
While the growth in the services PMI number was modest, the manuf...
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