NEW DELHI: Riding a wave of strong demand, India’s services sector gathered strength in March, with sales and business activity at their strongest in 14 years, a survey showed on Thursday. Rising from 60.6 in February to 61.2 in March, the HSBC India services business activity index pointed to one of the strongest growth rates seen in over 13-and-a-half years.The survey is compiled from responses to questionnaires sent to 400 service sector firms and the 50 point mark separates expansion from contraction.
The upturn was largely attributed to healthy demand conditions, efficiency gains and positive sales developments. Indeed, companies signalled a substantial improvement in new order intakes during March. The rate of growth was one of the best seen since June 2010, the survey results showed. Since the lifting of Covid induced curbs, the sector has staged a smart recovery as demand soared. March data showed better demand for Indian services from domestic and international sources.
The upturn was largely attributed to healthy demand conditions, efficiency gains and positive sales developments. Indeed, companies signalled a substantial improvement in new order intakes during March. The rate of growth was one of the best seen since June 2010, the survey results showed. Since the lifting of Covid induced curbs, the sector has staged a smart recovery as demand soared. March data showed better demand for Indian services from domestic and international sources.
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The HSBC India Manufacturing PMI reached a 16-year high in March at 59.1, reflecting robust growth in output, new orders, and job creation. This surge in manufacturing activity bodes well for India’s economic growth.