India's Service Sector Growth Second-Highest In 13 Years
NDTV
The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 62 in April to 61.2 in May. Despite falling from April, the latest reading indicated that output increased at the second-quickest pace since July 2010
India's services sector growth eased slightly in May, but registered the second-strongest rate of growth in close to 13 years, on favourable demand conditions and new client wins, a monthly survey said on Monday.
The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 62 in April to 61.2 in May. Despite falling from April, the latest reading indicated that output increased at the second-quickest pace since July 2010.
For the 22nd 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.
"The PMI data for May stand as a compelling testament to prevailing demand resilience, impressive output growth and job creation within India's dynamic service sector," said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.
