Team Blitz India
NEW DELHI: India’s services sector moderated in April on a monthly basis, yet it maintained strength due to strong domestic and international demand, leading to heightened business confidence reaching a three-month peak, as per by a survey.
India’s HSBC Services Purchasing Managers Index fell to 60.8 in April from 61.2 in March. Preliminary estimate pegged the figure at 61.7. Even though the headline figure shows a moderation, it remained one of the fastest growth rates in just under 14 years, the firm said in a press release.
Since August 2021, the services sector has consistently remained above the threshold of 50, which distinguishes growth from contraction.
A similar dataset tracking India’s manufacturing sector too showed that there was some moderation in April, to 58.8. This softening in manufacturing & services dragged the overall Composite PMI reading of India to 61.5 from March’s eight-month high of 61.8.
