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India's services PMI shows marginal slowdown in April
PMI
Photo Courtesy: Unsplash/ Annie Spratt

India's services PMI shows marginal slowdown in April

| @indiablooms | 06 May 2024, 06:44 pm

Growth in India's dominant services sector showed a marginal slowdown in April, as per data shown by the  Purchasing Managers’ Index (PMI) figure, released by HSBC.

The figures slid to 60.8 in April from 61.2 recorded in March.

The survey noted that in addition to buoyant domestic demand, firms saw new business gains from several parts of the world, which collectively underpinned the second-quickest upturn in international sales since the series started in September 2014, reported Business Standard.

“Survey members attributed the latest upturn in output to favourable economic conditions, demand strength and rising intakes of new work,” the survey noted.

The April figures showed the 33rd month for which the index remained above the 50-mark since July 2021.

“Notably, services companies observed the second-fastest increase in new export business in the near ten-year series history, behind only that seen in March. Anecdotal evidence highlighted gains from several countries in Asia, Africa, Europe, the Americas and Middle East,” the survey noted as quoted by Business Standard.

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