India’s service activity expands to 60.5 in June – PMI

India’s service sector saw significant growth in June, with a surge in new orders and international sales. The HSBC India Services Business Activity Index rose to 60.5, indicating a sharp expansion in output.

New orders continued to increase, with a record rise in international orders. Job creation also surged, with the strongest growth in nearly two years.

Despite rising expenses, inflation was at its slowest pace in four months, leading to a modest increase in selling prices.

“The Composite PMI accelerated in June, supported by greater inflows of new orders. Manufacturing firms contributed more to the expansion than services firms,” said Pranjul Bhandari, Chief India Economist at HSBC.

Attribution: PMI by S&P report