Team Blitz India
NEW DELHI: India’s services Purchasing Managers Index (PMI)activity rose at the sharpest rate of expansion in January, a report released on February 5 showed.
The HSBC India Services PMI came in at 61.8 in January, up from 59 in December. It is the highest since July 2023 when the PMI was 62.3. A reading above 50 shows that the sector is expanding.
In India, the service sector has been expanding for two and a half years now.
“India’s services PMI rose to a six-month high in January. New business expanded at a faster pace and managers’ expectation for future activity was strong,” said Ines Lam, economist at HSBC.
According to the report, new business placed with Indian service providers increased at the fastest rate in six months during January. “Advertising, positive demand trends and new client wins reportedly fuelled sales,” it said.