Service Sector: India’s service sector activities pick up in October, economy strengthens

Service Sector PMI: There has been a spurt in the activities of India’s service sector in October. The S&P Global India Services PMI has increased to 55.1 in October from 54.3 in September. This is an indicator showing the fast pace of growth rate. Due to strong demand in the country, employment activities are booming and the Service Purchasing Managers Index (PMI) has seen a rise due to profit in new businesses.

There was a decline in the service PMI in September
The seasonally adjusted S&P Global India services PMI fell to 54.3 in September, a six-month low, but October saw an expansion in services sector activity for the 15th consecutive month.

What S&P Global Market Intelligence Said
Polyana de Lima, joint director of S&P Global Market Intelligence, said October’s results showed service providers had no trouble finding new jobs in October despite the price hike. And to support strong demand, more people lost jobs. and business activities have also increased.

Most support received from domestic markets
According to the S&P Global India survey, the main source of profit in new businesses was the domestic market, while overseas sales declined further in the beginning of the third quarter. It said that since the outbreak of Kovid-19 started in March 2020, there is a monthly decrease in international demand. Job creation was also boosted by positive growth projections in October. 30 percent of the surveyed members have predicted higher growth in business activities till October 2023.

Such a high speed for the second time in three years
The continued growth of new businesses and production requirements in the service economy have supported job creation. Employment has increased for the fifth consecutive month and this is the second time in three years that its pace has been so high. In Purchasing Managers Index (PMI) parlance, a score greater than 50 indicates expansion, while a score below 50 indicates contraction.

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