Service Sector PMI at 11-year high

Healthy growth in contact-intensive services had boosted overall supply-side growth in Q4, FY23

June 6, 2022

The country’s Purchasing Manager’s Index (PMI) for service sector activity increased to 58.9 in May

The PMI in April was 57.9

Services such as trade, hotels, transport, etc are growing at 5.3% on the year

The financial, real estate and professional services witnessed a growth of 4.2% in FY22

India’s service sector activities expanded at the strongest rate in over 11 years in May to a PMI of 58.9, according to a survey conducted by the S&P Global India Services PMI Business Activity Index.

According to the survey, the country’s PMI for service sector activity increased to 58.9 in May from 57.9 in April. In a PMI, a reading above 50 indicates expansion while one below 50 denotes contraction.

Healthy growth in contact-intensive services had boosted overall supply-side growth in Q4, FY23. As per the survey, services such as trade, hotels, transport, etc., crossed the pre-pandemic levels in the quarter, growing 5.3% on the year. 

According to data on national income, the financial, real estate and professional services witnessed a growth of 4.2% in FY22.

On the other hand, the Centre for Monitoring Indian Economy (CMIE) said that the country’s unemployment rate fell to a four-month low of 7.12% in May, due to increased hiring across a range of sectors.

Recent Articles

Domestic economy needs robust growth engine for sustained expansion: DSP NETRA

May 14, 2025

According to a new report by DSP NETRA, India’s domestic …

Read More

India’s trade with Turkey and Azerbaijan faces uncertainty amid geopolitical tensions

May 14, 2025

India’s trade and diplomatic relations with Turkey and Azerbaijan are …

Read More

India, US gear up for trade talks in Washington from May 17

May 13, 2025

Commerce and Industry Minister Piyush Goyal is set to lead …

Read More