services sector

March 5, 2025 2:33 PM

India’s services sector expands rapidly in February amid strong demand

India’s services sector witnessed accelerated growth in February, driven by rising domestic and international demand, an uptick in new business orders, and strong employment trends, according to the latest HSBC India Services PMI. The Purchasing Managers’ Index (PMI) for services rose to 59.0, up from January’s 26-month low of 56.5, signaling robust expansion in business activity. The increase in services output remained well above the long-run average, supported by higher productivity an...

January 6, 2025 4:15 PM

India’s services sector growth surges to 4-month high in Dec: report

India’s services sector growth reached a four-month high in December, driven by robust demand that boosted business activity and supported strong job creation, according to a survey released on Monday. The HSBC India Services Purchasing Managers' Index, compiled by S&P Global, rose to 59.3 in December from 58.4 in November, marking the highest level since August. Companies attributed strong underlying demand as the primary driver of output growth in the services sector. In some instances...

December 4, 2024 3:27 PM

India’s services sector employment grew at fastest pace since 2005

India's service sector maintained its strong momentum in November 2024, with employment in the sector achieving its highest growth rate since the survey's inception in 2005. Pranjul Bhandari, Chief India Economist at HSBC, said "During November, services sector employment notably grew at the fastest pace ever recorded since this survey began in 2005. The hiring surge reflected the sector's improving business confidence, growing new orders, and vigorous international demand. At the same time, hi...