New Delhi, Aug. 5 -- India's service sector witnessed an optimistic growth as HSBC India Services Business Activity Index or Services Purchasing Managers Index (PMI) rose to 60.5, which is a slight increase from June's 60.4. It is the strongest performance marked since August 2023. The report also noted ongoing improvements in demand for Indian services driven by total new orders, international sales, and output.
Pranjul Bhandari, Chief India Economist, HSBC, said, " At 60.5, the services PMI indicated a strong growth momentum, led by a pick-up in new export orders. Future optimism rose but remained below 1H25 levels."
This report further noted that the Indian service sector received a strong demand globally with a sharp rate of expansion...