Service Sector Growth: The Country’s Service Sector Has Gained Momentum, Growth Has Reached A 6-Month High, Employment Opportunities Have Increased

Service Sector Growth

India’s Service Sector PMI: There has been a good growth in India’s service sector in December 2022 due to improvement in services and boom in new business. The country’s services sector has picked up pace and in December it reached a six-month high. The demand of the sector has been strong and after June 2022 it recorded the fastest growth. The increase in demand for services has also boosted production and a marginal increase in outstanding business has been registered. , This information was given on Monday in a monthly survey.

PMI: Index at 58.5

The seasonally adjusted S&P Global India Services PMI business activity index stood at 56.4 in November, and rose to 58.5 in December, indicating faster growth in services activities. In October this index was at 55.1. The Services PMI is above 50 points for the 17th consecutive month. If the PMI is more than 50, it indicates expansion in services activities, while a score less than 50 means a decline in the sector.

signs of strong demand

Pauliana de Lima, joint director of economics at S&P Global Market Intelligence, said Indian services sector activity expanded strongly in December, indicating demand will remain strong through the end of 2022. With the entry in 2023, the companies have expressed better hopes for the production outlook. About 31 percent of the participants have predicted growth, while only 2 percent have predicted a decline.

Employment opportunities will increase

Lima said that positive outlook and increase in new business will support to increase employment opportunities. On the front of inflation, the cost has increased in the services companies. Meanwhile, the S&P Global India Composite PMI Output Index rose from 56.7 in November to 59.4 in December.

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