The HSBC India services Purchasing Managers’ Index (PMI) rose to 58.5 in October this year from 57.5 in September, driven by sharper expansions in output and new business.
While a PMI reading above 50 means expansion, the print below 50 shows contraction.
As per HSBC India services PMI, compiled by S&P Global, Indian service providers maintained a strong rate of output expansion in October, with growth recovering from September’s ten-month low.
India’s services PMI recovered from its ten-month low in September to reach 58.5 last month. During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high,” said Pranjul Bhandari, Chief India Economist at HSBC.
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