In April 2023, the service PMI has reached a new high level by breaking the record of 13 years.
Where the crisis of economic recession is visible all over the world, India is making new records every day. Now look at the growth rate of the service sector itself. Due to strong demand, in April 2023, it has reached a new high level by breaking the record of 13 years.
The figures of ‘S&P Global India Service Sector PMI Business Activity Index’, a survey conducted among the purchasing managers of companies, have come. It has reached 62 points in April 2023, which was 57.8 points in March. After June 2010, there is a new high level of growth of service sector.
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Index shows growth
The PMI index monitors activities in the service sector. Its stay above 50 points indicates expansion of activities in the sector. On the other hand, staying below 50 points indicates that the activities in the service sector are decreasing. Therefore, the figures for April 2023 indicate a significant expansion of the service sector.
Pauliana de Lima, Economic Associate Director at S&P Global Market Intelligence, said that the performance of India’s service sector in April has been tremendous. The maximum strength has been seen in the finance and insurance sector. Strong demand has helped bring in new business and service sector output has gone up to a 13-year high.
There was a lot of demand from abroad as well
The demand of service sector has not increased only within the country. Rather, a good demand has been seen in it even at the international level. Service sector exports have gone to a 4-month high. However, during this period, new job creation in the service sector has been very minor.
On the other hand, the cost of the service sector has increased the most in April in 3 months. The pressure of rising prices in the market has also been seen on the service sector. Although the composite PMI output in April has been 61.6 points. This is the highest level since July 2010. In the composite index, the activities of both the manufacturing sector and the service sector are seen together.