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India's services sector stays in expansion mode
03-Feb-2023 11:45
India's services sector stayed in expansion mode in January though the pace of growth eased as the sector's Purchasing Managers' Index (PMI) fell to 57.2 from 58.5 in December, according to data released by S&P Global. At 57.2, the services PMI is above the key level of 50 that separates expansion in activity from a contraction for the eighteenth month in a row. The manufacturing PMI declined to a three-month low of 55.4 in January from December's 26-month high of 57.8. As a result, the composite PMI - which is a combination of the manufacturing and services indices also declined to 57.5 from 59.4 in December. The survey showed that service providers received high amounts of new business which helped keep the overall rate of growth historically prominent. Demand resilience in turn meant that output also continued to expand at a generally strong pace,noted said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.

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