Country’s service sector picks up pace, growth reaches 6-month high in December

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December Services PMI: Good growth has been seen in the service sector of the country in December. In December, the Service Sector PMI has come to the highest level of six months. This information has come out in a survey. Apart from this, it has also been reported in this survey that the growth of private sector output has come to a high level of about 11 months. According to the S&P Global India Service Purchasing Managers’ Index, this figure has come and its data clearly shows the fast pace of growth of the country’s service sector.

S&P Global India Service Purchasing Managers Index up

The pace of India’s services sector growth has accelerated in December and an increase has been registered in the service sector PMI. The S&P Global India Service Purchasing Managers’ Index (PMI) rose to 58.5 in December from 56.4 in November. In this way, it has come above 50 for the 17th consecutive month, which shows that a good growth is being seen in the service sector in the country.

Good growth in composite index in December

The Composite Index has seen a strong rise in December and has come to 59.4, which is the highest level since January 2014, due to a good pick-up in service sector growth and manufacturing. It was at 56.7 in the last month i.e. November 2022.

PMI above 50 shows expansion

In the language of Purchasing Managers’ Index (PMI), a score above 50 means that activities are expanding, while a score below 50 indicates contraction.

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