The engines are roaring in India’s services sector, going by the latest Purchasing Managers’ Index (PMI) survey. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose to a nearly 13-year high of 62 in April from 57.8 in March. This sharp upswing was led by improved domestic and international demand. A reading above 50 denotes expansion.
While market conditions were favourable, both input costs and output prices (selling prices) rose for service providers. The sub-index measuring input costs rose at the quickest pace in three months in April, outpacing its long-run series trend. Food, fuel, medicine, transportation and wages drove input cost inflation, said the survey respondents.
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