Services Business Activity Index indicates strongest rate of growth in ten and-a-half years
Private sector output in India increased at a sharper rate in October as growth quickened among both manufacturers and service providers. The Composite PMI Output Index rose from 55.3 in September to 58.7, signalling the strongest monthly expansion since January 2012. The upturn in business activity was supported by a substantial rise in new work intakes. Aggregate sales increased at a sharp rate that was the quickest since early-2012. The acceleration in growth was broad-based across the manufacturing and service sectors. October data pointed to a second successive monthly increase in private sector employment, but the rate of expansion was only slight as growth among service providers was partly offset by job shedding at goods producers.
The recovery of the Indian service sector was extended to October, with companies indicating that a notable pick-up in new business led to the fastest expansion in output in over a decade. More jobs were created as result, though business confidence remained subdued due to growing concerns surrounding price pressures. With input costs again rising sharply, companies lifted their fees at the fastest pace in close to four-and-a-half years. Rising from 55.2 in September to 58.4 in October, the seasonally adjusted India Services Business Activity Index signalled the strongest rate of growth in ten and-a-half years.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU