The seasonally adjusted S&P Global India Services PMI Business Activity Index stood at 62.3 in July, compared with 58.5 in June, as a substantial improvement in demand conditions induced the strongest increases in new business and output in over 13 years. The services PMI had stood at 62 in April, then the highest point in 13 years, and was only marginally lower at 61.2 in May. With this, the index remained above the 50-mark that separates growth from contraction for two years.
The latest PMI print is encouraging as it comes close on the heels of a moderation in the growth of services exports witnessed in Q1FY24, after the surge witnessed in FY23.
"The resilience of the services sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter," Pollyanna De Lima, economics associate sirector at S&P Global Market Intelligence, said.
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