India records robust services sector growth in June: HSBC
New business has been above breakeven since August 2021 and expanded at a faster pace last month.
06:10 AM Jul 04, 2024 IST | IANS
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New Delhi, July 3: Growth in India's services sector accelerated in June on the back of robust domestic demand and a record rise in export orders, according to an HSBC survey released on Wednesday.
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The strong demand also led to service providers hiring more staff with the pace of job creation touching a two-year high. HSBC's India Services Purchasing Managers' Index, compiled by S&P Global, rose to 60.5 in June from 60.2 in May.
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"Activity growth in India’s service sector accelerated in June ... led by an increase in both domestic and international new orders," said Pranjul Bhandari, HSBC’s chief India economist.
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New business has been above breakeven since August 2021 and expanded at a faster pace last month.
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