India Services PMI Rises to 60.9 in August on Strong Demand
By Business Desk
India’s HSBC Services PMI climbed to 60.9 in August, fueled by robust domestic and international demand, driving continued expansion and job growth.
The HSBC India Services Purchasing Managers’ Index rose to 60.9 in August, showing an increase from 60.3 in July. This reading indicates continued expansion across the services sector, remaining well above the 50-point threshold that separates growth from contraction.
Key Performance Metrics
The latest report highlights specific factors driving the sector’s current trajectory:
- The index score for August reached 60.9, up from 60.3 in July.
- Growth is driven by healthy domestic demand and a steady influx of new export orders.
- Service providers face persistent inflationary pressures, with rising costs for labor and materials impacting input prices.
Despite these economic headwinds, business confidence remains positive as firms continue to hire staff to meet ongoing demand.