India’s Services PMI Jumps to 11-Year High in June; Key Drivers

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India’s Services PMI Jumps to 11-Year High in June; Key Drivers

By Malvika Gurung

Investing.com -- India’s services sector activity jumped to an 11-year peak in June 2022, as per data released on July 5. The S&P Global (NYSE: SPGI ) India Services PMI stood at 59.2 in June, indicating an expansion in activity and growth, thanks to improving demand, favourable economic conditions and capacity expansion.

The figure was reported at 58.9 in May, and jumped to a fresh peak in June, since April 2011, led by expanded client bases and constructive marketing, among others.

Besides a strengthening demand, higher prices drove the PMI data for the month, as the soaring inflation continued weighing on the economic growth, even though input cost inflation eased to a three-month low in June.

There was a substantial rise in new work intakes at the end of Q1 FY23, as firms were better able to secure new orders despite charging more for their services.

“Activity growth in India’s service sector moved up a gear again in June, reaching its strongest in over 11 years and surpassing that seen in manufacturing for the third month running,” said the Economics Associate Director at S&P Global Market Intelligence, Pollyanna De Lima.

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  • rohit rathore @rohit rathore
    Is positive for stock or not???
    Like 2
    • Rahul shinde @Rahul shinde
      Marginal change from 58.90 to 59.20
      Like 0
    • Rahul shinde @Rahul shinde
      Composite PMI is down from 58.30 to 58.20
      Like 0
    • A M @A M
      negative
      Like 0
    • Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

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      100

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