Services sector growth reaches three-month high, shows growth due to strong demand

Services PMI: There is good news for the service sector in the country. The growth of the service sector has reached a three-month high in November. Services sector growth in India accelerated to a three-month high in November on strong demand. This information was given on Monday in a monthly survey. The S&P Global India Services PMI rose to 56.4 in November from 55.1 in October.

S&P Global India Service PMI
The seasonally adjusted S&P Global India Services PMI business activity index stood at 55.1 in October, and rose to 56.4 in November, indicating a sharp increase in services activity. Significantly, the growth rate is at a three-month high despite higher operating expenses.

Why there was a spurt in service PMI
Survey participants said the fresh demand is driven by successful distribution and steady growth in sales. This is due to improvement in market conditions and increase in demand.

Service PMI is more than 50 points for the 16th consecutive month
The Services PMI is above 50 for the 16th consecutive month. In Purchasing Managers’ Index (PMI) parlance, a score above 50 indicates expansion in activity, while a score below 50 means contraction.

News Reels

What do market experts say?
“Indian service providers continued to benefit from strong domestic demand, with rapid growth in new business and production,” said Pauliana de Lima, joint director of economics at S&P Global Market Intelligence. “Employment grew at a solid pace, the fastest in three years,” the survey said.

read this also

Cryptocurrency Rate Today 5 December: Sharp ups and downs in the crypto market today, know the prices of other cryptos including bitcoin