Team Blitz India
NEW DELHI: India’s services sector growth accelerated in April, as strong demand conditions resulted in the fastest increase in new business and output in close to 13 years, says a monthly survey.
The pick-up in demand occurred in spite of escalating price pressures, the survey report said on May 3.
The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 57.8 in March to 62.0 in April, signalling the fastest expansion in output since mid 2010, amid a pick-up in new business growth and favourable market conditions.
For the 21st straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Monitored companies signalled an improvement in international demand for Indian services in April. New export business expanded for the third month in succession and at the fastest pace over this period. On the prices front, input costs rose at the quickest pace in three months during April.
