India's Services Activity Sees Quicker Expansion in October; PMI Rises to 58.5

MT Newswires Live11-06 14:19

India's services activity witnessed an expansion in October, as the seasonally adjusted HSBC India Services Business Activity Index recovered from its 10-month low of 57.7 in September to reach 58.5, according to data released on Wednesday.

As per the HSBC India Services PMI survey, conducted by S&P Global, the growth was driven by healthy customer demand domestically and from abroad as the headline figure outpaced the long-run average of 54.1.

Job creation in October also witnessed the quickest expansion in 26 months.

The overall inflation trend is still below the long-run average, although input price inflation is climbing due to rising food and wage costs.

"Business sentiment receded slightly from September, but the future activity index still indicates broadly positive expectations for the year ahead," said Pranjul Bhandari, Chief India Economist at HSBC.

Combined with the growth in the manufacturing sector, the HSBC India Composite Output Index rose to 59.1 from September's 10-month low of 58.3.

The manufacturing and service sectors had faster expansions in new business intakes, accelerating the rise of composite-level sales and employment.

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