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India’s service activity growth in April among fastest in 14 years: PMI

India’s service activity growth in April among fastest in 14 years: PMI
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New Delhi, May 6 (PTI) India’s services sector growth eased slightly in April but growth of new business and output remained sharp and among the fastest in 14 years amid favourable economic conditions and strong demand, a monthly survey said on Monday.

The seasonally adjusted HSBC India Services Business Activity Index fell from 61.2 in March to 60.8 in April, highlighting one of the strongest growth rates seen in just under 14 years.

Survey members attributed the latest upturn in output to favourable economic conditions, demand strength and rising intakes of new work.

In the Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

“India’s service activity rose at a slightly softer pace in April, backed by a further rise in new orders, with a notable strength in domestic demand,” said Pranjul Bhandari, Chief India Economist at HSBC.

In addition to buoyant domestic demand, firms noted new business gains from several parts of the world, which collectively underpinned the second-quickest upturn in international sales since the series started in September 2014.

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