Team Blitz India
NEW DELHI: India’s services sector ended 2023 on a firm footing, with activity expanding at its fastest pace in three months in December on buoyant demand and an optimistic year-ahead outlook, a private survey showed.
The HSBC India Services Purchasing Managers’ Index, compiled by S&P Global, rose sharply in December to 59.0 from November’s one-year low of 56.9.
That marked the 29th month of expansion with the index well above the 50-mark separating growth from contraction.
“India’s services sector ended the year on a high note, with an uptick in business activity, led by a three-month-high new orders index,” noted Pranjul Bhandari, chief India economist at HSBC.
Favourable economic conditions and upbeat demand drove the new business sub-index up from a year low in November. However, international demand grew at the slowest pace in six months.