India's Service Sector Growth Surges in April: PMI Reveals Optimism Amid Challenges
India's service sector saw accelerated growth in April due to an increase in new orders, boosting employment significantly. The HSBC Services PMI rose to 58.7, indicating robust activity led by strong demand domestically and internationally. Optimism persists despite concerns over competition affecting business confidence.
- Country:
- India
The Indian service sector experienced a brisk expansion in April, spurred by a swift uptick in new orders and resulting in elevated employment levels, according to a monthly HSBC survey.
Recording a rise in the HSBC India Services PMI Business Activity Index from 58.5 in March to 58.7, this expansion represented a substantial surge above the long-term average of 54.2, signaling strong output growth.
The surge in service sector activity was underpinned by improved marketing strategies and favorable demand conditions, with international demand from regions such as Asia, Europe, the Middle East, and the US contributing to this growth. Despite economic optimism, confidence was tempered by competitive pressures, impacting the business outlook.
(With inputs from agencies.)
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