new Delhi: India’s services sector grew the fastest in March this year. The reason for this is believed to be the easing of the Kovid-19 restrictions. The demand for this specialty has increased significantly as a result of recent corporate scandals. However, rising inflation has raised concerns in the business world. This information is provided by an individual survey. The S&P Global India Services Purchasing Managers’ Index rose to 53.6 in March, from 51.8 in February.
At the same time, the input cost has increased at the fastest pace in 11 years. Poliana de Lima, director of economics at S&P Global, said the war in Ukraine has led to a backlog in supply chain matters, leading to inflation in the Indian service economy. Higher chemical, fuel, raw material, retail, transportation and vegetable prices raised operating costs and reduced trade. Higher levels boosted domestic demand, boosted sales and pushed the new business sub-index to a three-month high. However, international demand contracted at the fastest rate in six months as supply chains were affected by the Russo-Ukraine war.