SP Global India Services PMI August 2023 Due to new export orders in August, the service sector continued to boom. It stood at 60.1 in August. The PMI data for the services sector has remained above 50 for 25 consecutive months. PMI data above 50 shows that the service sector is growing.
New Delhi, Agency. S&P Global India Services PMI August 2023: There has been a slight decline in the pace of India’s service sector in August and it came down to 60.1 which was 62.3 in July. However, the growth rate in new orders still remains at an upper level. This information came to the fore in a private survey.
In the PMI data of the service sector of S&P Global India, it was told that companies are increasing in new export business. Accordingly, companies are increasing their workforce. For this reason PMI data remains the strongest since 2010.
Growth in service sector since 25 months
The PMI data for the services sector has remained above 50 for 25 consecutive months. PMI data above 50 shows that the service sector is growing. A reading below 50 indicates a decline.
Pauliana de Lima, Director of S&P Global Market Intelligence, said that India’s service companies have achieved a milestone. Along with this, there has been a record increase in exports. Good orders are being received from Asia Pacific, Europe, North America and Middle East. The sales figure has been the best in the last 13 years due to international orders.
What is S&P Global India Services PMI Survey?
S&P Global India Services PMI data is derived by surveying 400 companies on behalf of S&P Global. Companies with all types of workforce are included in this panel on the basis of contribution to GDP. This data is being released since December 2005.