India PMI April 2024

India: Services activity remains strong in April

The HSBC India Services Purchasing Managers’ Index (PMI) dipped to 60.8 in April from 61.2 in the previous month. As a result, the index moved closer to the 50.0 no-change threshold, signaling a softer, but still-strong improvement in services-sector business activity compared to the previous month.

India’s service sector saw sharp growth in new business and output in April, with buoyant domestic demand and notable new business gains from various global regions. This collective surge underpinned the second-quickest upturn in international sales since the series began in September 2014, driven by strong performance across all four subcategories, particularly in finance and insurance.

Regarding prices, wage pressures and higher food prices led to an increase in cost burdens, but which firms only partially passed on to customers, resulting in cooler output charge inflation from March. Lastly, business sentiment among service providers rose to a three-month high, driven by marketing efforts, efficiency gains, and competitive pricing plans, alongside predictions that demand conditions will remain favorable.

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