India records robust services sector growth in June: HSBC

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.

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.

"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.

New business has been above breakeven since August 2021 and expanded at a faster pace last month.