News Brief
India's Services Sector Growth Surges In March Amid Strong Demand
Services sector. (Representative Image)
In a latest development, India's services sector saw a robust acceleration in March, driven by strong demand, according to the final HSBC India Services Purchasing Managers' Index (PMI) compiled by S&P Global.
The index rose to 61.2 in March, up from February's 60.6, confounding a preliminary reading for a fall to 60.3, reported Economic Times.
Key highlights from the March data include a notable increase in employment within the services industry, marking the quickest pace of growth in seven months.
Additionally, export business surged at a record rate, reflecting strong domestic demand and favorable economic conditions.
New business during the month was driven by strong domestic demand and favouable economic conditions, the survey showed.
Also, March marked the 32nd consecutive month of expansion for India's services sector.
However, Despite the optimistic outlook for the year, concerns over competitive pressures persisted, leading to a slight dip in the future activity sub-index to a four-month low.
Analysts also suggest that the elevated prices could influence the Reserve Bank of India's rate decisions, with the repo rate likely to be maintained at the current 6.50 per cent for an extended period.
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