Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

India's services PMI surges to five-month peak in August on resilient demand, easing prices.


Date: 04-09-2024
Subject: India's services PMI surges to five-month peak in August on resilient demand, easing prices
India's services sector activity surged to a five-month high in August due to resilient demand and easing inflationary pressures, the HSBC final India Services Purchasing Managers' Index (PMI), compiled by S&P Global and released on September 4, showed.

The PMI reading has remained above the 50-mark separating growth from contraction since August 2021. The recent figures also surpassed its long-term average, reaching the highest level since March. The rise was mainly driven by an increase in new orders, particularly domestic ones.

"This growth was largely fuelled by an increase in new orders, particularly domestic orders," said Pranjul Bhandari, chief India economist at HSBC.

The new business sub-index saw a slight increase compared to July, hitting a four-month high and exceeding historical averages. While international demand remained solid, its growth pace declined sharply, reaching a six-month low compared to July.

Even though business confidence stayed positive, it dropped to its lowest level in more than a year. Nevertheless, firms were optimistic about the resilience in demand and expected better growth in the coming year.

Hiring in the services sector continued at a steady pace, despite slowing to its weakest since April. Cost pressures rose moderately due to increased expenses for food, labor, and transportation. However, the rate at which service providers faced these cost increases slowed to a four-year low.

"On a positive note, input costs rose at their slowest pace in six months, with both the manufacturing and service sectors exhibiting the same pattern. Consequently, output price inflation receded in August," Bhandari added.

With easing inflationary pressures, firms passed on costs to clients at a much milder rate than in July. Data from the previous month showed that inflation in India decreased to a near five-year low of 3.54% in July, largely due to a high-base effect that suggested the slowdown was temporary.

Inflation is expected to average 4.2% this quarter and 4.6% in the next, according to a Reuters poll. While a manufacturing PMI released on Monday dipped to a three-month low of 57.5 in August, the improvement in services activity kept the overall Composite PMI unchanged from July's 60.7.

 Source Name : Economic Times

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 18-09-2025
Corrigendum
Corrigendum to Notification No. 9/2025 – Central Tax (Rate) dated 17.09.2025

Date: 17-09-2025
Notification No. 13/2025-Central Tax (Rate)
Seeks to amend Notification No. 21/2018- Central Tax (Rate) dated 26.07.2018.

Date: 17-09-2025
Notification No. 14/2025-Central Tax (Rate)
Seeks to notify GST rate for bricks.

Date: 17-09-2025
Notification No. 37/ 2025-Customs
Seeks to amend Notification No.19/2019-Customs dated 06.07.2019

Date: 17-09-2025
Notification No. 38/ 2025-Customs
Seeks to amend Notification No.29/2025-Customs dated 09.05.2025

Date: 17-09-2025
Notification No. 39/2025-Customs
Seeks to amend Notification No.50/2017-Customs, dated 30.06.2017

Date: 17-09-2025
NOTIFICATIONNo. 15/2025 – Central Tax
Seeks to exempt taxpayer with annual turnover less than Rs 2 Crore from filing annual return.

Date: 17-09-2025
NOTIFICATION No. 16/2025–Central Tax
Seeks to notify clauses (ii), (iii) of section 121, section 122 to section 124 and section 126 to 134 of Finance Act, 2025 to come into force.

Date: 17-09-2025
Notification No. 12/2025-Central Tax (Rate)
Seeks to amend Notification No. 8/2018- Central Tax (Rate) dated 25.01.2018.

Date: 17-09-2025
NOTIFICATION No. 14/2025 – Central Tax
Seeks to notify category of persons under section 54(6).



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001