India Services PMI Indicates Fastest Rate OF Expansion In 11 Years

Image
Capital Market
Last Updated : Jun 03 2022 | 11:04 AM IST

India service sector growth continued to strengthen in May, with companies reporting the quickest increase in business activity since April 2011. The upturn was supported by a substantial pick-up in new business growth as demand continued to recover following the reopening of the economy after COVID-19 lockdowns. Posting 58.9 in May, up from 57.9 in April, the seasonally adjusted S&P Global India Services PMI Business Activity Index indicated the fastest rate of expansion in over 11 years. Meanwhile, inflation showed no signs of abating as price gauges showed an unprecedented increase in input costs and the second-fastest upturn in selling charges in just under five years. Inflation expectations continued to restrict business confidence, with optimism remaining subdued by historical standards. Meanwhile, rising from 57.6 in April to 58.3 in May, the S&P Global India Composite PMI Output Index pointed to the fastest rate of expansion since last November led by services sector. Manufacturing Purchasing Managers' Index (PMI) stood at 54.6 in May, as against 54.7 in April.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 03 2022 | 10:47 AM IST

Next Story