Team Blitz India
NEW DELHI: India’s service sector recorded its strongest growth in 13 years in September, driven by increase in sales and output and job expansion. This positive trend was highlighted in the seasonally adjusted S &P Global India Services PMI report released on October 5.
The PMI survey said business activity index rose to 62 in September, signalling the fastest expansion in output since mid-2010. A reading above 50 indicates an expansion in activity.
India’s economy has shown promising signs of growth, with record-high goods and services tax collections and other impressive metrics despite the ongoing global economic uncertainties. However, challenges remain, with the unemployment rate climbing to a four-month high and global crude oil prices remaining volatile.
Economist Sachchidanand Shukla noted that in FY23, India witnessed the first full year of economic activity without covid impact, especially in services. “All categories of services are doing very well, including aviation. There may be some base effect, but growth momentum in the services sector remains high, and we should see this sustain.”
The PMI survey is based on responses from a panel of 400 business executives across sectors such as consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services.