look news india
Mumbai: After the manufacturing sector, the activities of the country's service sector also slowed down slightly in April as compared to March. HSBC India Services Purchasing Managers' Index for April by S&P Global stood at 60.80, compared to 61.20 in March.
An index above 50 is considered an extension of that area. Despite a slight decline compared to March, the index for April is at a respectable level.
The PMI of the services sector has remained above 50 continuously since August 2021. The index has seen a rise due to strong demand in the country and abroad. Business confidence also reached a three-month high in April due to strong demand.
Strong demand pushed the new business sub-index to a three-month high, the third such high for the major index in the past 14 years.
The report also said export orders remained strong but saw a slight decline compared to March.
Business confidence has increased but there has been no success in generating employment. Recruitment of employees remained stable. The cost of providing service increased due to increase in raw material and labor costs.
Although the volume of spending by companies in the services sector was slower than in March, the combined PMI of the services and manufacturing sectors, which was 61.80 in March, fell to 61.50 in April, the report noted.