India's service sector growth rate accelerates slightly

The HSBC India Services Division PMI for 2024/8 rose to 60.4 from 60.3 the previous month.

The service sector PMI rose for 37 consecutive months, highlighting a significant improvement in corporate activity.

Production increased faster, new orders grew strongly, and external demand remained strong.

The balance of orders received increased for 30 consecutive months, but among the latter, the pace of accumulation was moderate, and it was the weakest since February.

Employment increased steadily.

On the price side, both input cost inflation and production cost inflation have eased.

Finally, business sentiment continued to be good.

Source: S&P Global