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India's business activity soars to 3-month high in July
The increase in output in July was driven by continued growth in manufacturing sector activity
The increase in output in July was driven by continued growth in manufacturing sector activity
The HSBC India Services Business Activity Index fell from 60.8 in April to 60.2 in May, its lowest mark since last December.
Companies witnessed reduced working hours in May amid an intensive heatwave in India that sent temperatures soaring to record highs.
India's composite PMI surged to 61.7 in May 2024, a marginal leap from April's 61.5, marking the 34th consecutive month the index remained above the 50-level
The rise in raw material stocks during the month was supported by increased buying levels.
The final HSBC India Services Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 61.2 last month, surpassing February's 60.6 reading.
HSBC's fash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 61.3 this month compared to February's final reading of 60.6.
The HSBC final India Services Purchasing Managers' Index stood at 59.0 in December 2023.
As the calendar year comes to a close, uncertainties continue to impact global trade, proving that the government’s assessment was correct – unpredictability is the norm.
India's service sector lost further growth momentum midway through the third quarter.