India's services sector grows significantly for the first time in 4 months

The HSBC India service industry PMI for 2024/7 was 61.1, up from 60.5 in June.

This shows that the service industry has been expanding for 36 consecutive months and has experienced rapid growth since March.

The growth in new export orders accelerated, and employment continued to grow.

On the price side, input cost inflation accelerated as the prices of eggs, meat, and vegetables rose.

As a result, production costs continued to rise.

Finally, sentiment continued to be positive, supported by strong demand.

Source: S&P Global